Amidst a challenging economic situation in the Russian automotive market, AGR Holding has announced the launch of a new Tenet brand based at the former Volkswagen plant in Kaluga. The project partner is the Chinese state-owned company Defetoo, specializing in automotive technologies.
Alexey Kalitsev, CEO of the holding, revealed details of the cooperation, localization plans, and the strategy for bringing the cars to market. The agreement between AGR Holding and Defetoo involves not just assembly, but deep integration of technologies. Production will be phased: from large-node assembly to full cycle (CKD) with a high proportion of Russian components. A SPIC (Special Investment Contract) has already been concluded, which confirms the long-term commitments of the parties.
For now, I can only say that the agreement we signed in February involves a technological partnership. That is, the organization of the production of "Tenet" cars on a high-tech modular platform, which will be integrated with a deeply localized component base that meets global automotive standards. We will organize this large and complex work in stages: from large-node to small-node assembly with a consistent increase in the level of localization.
Defetoo, as a technology partner, will provide access to a modular platform, as well as support in creating an R&D center and developing a local supplier chain. This year, four models will be launched on the market, mainly crossovers and SUVs of different classes.
We face ambitious tasks of jointly forming a long-term development strategy with Defetoo, implementing a 20-year investment plan that will allow Tenet cars to take a leading position in the market.
Despite the difficult market conditions, AGR Holding sees an opportunity in offering a deeply localized product adapted to Russian conditions. Kalitsev expressed confidence that the market may show growth in the second half of the year.
Any difficult time is also a period of opportunity. We will offer the market a deeply localized product that is created specifically for the Russian market, taking into account the conditions and features of operation. This will help us fight for decent sales results. Moreover, we expect that in the second half of the year the market will return to growth.
Production will begin in the summer of 2025, with the first cars appearing in the middle price category, making them potentially attractive to buyers with above-average incomes.
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