Daimler lays foundation stone for $280 million Mercedes-Benz plant in Russia

Bense, von Fritsch, Schaefer, Manturov, Ruess and Vorobyov attend a new Mercedes-Benz plant's cornerstone laying ceremony in the town of Esipovo outside Moscow
Mercedes-Benz Manufacturing Rus CEO Axel Bense, Germany’s Ambassador to Russia Ruediger von Fritsch, member of the divisional board of Mercedes-Benz Cars Markus Schaefer, Russian Industry and Trade Minister Denis Manturov, head of production planning of Mercedes-Benz Cars Rainer Ruess and Moscow Regional Governor Andrei Vorobyov attend a new Mercedes-Benz plant’s cornerstone laying ceremony in the town of Esipovo outside Moscow, Russia earlier this week. Reuters / Tatyana Makeyeva

By Jack Stubbs, Reuters

Daimler began construction of a new Mercedes-Benz plant near Moscow this week, following through on the first new investment by a major foreign automaker in Russia since Western sanctions were imposed three years ago.

Daimler said in February that it will invest more than $280 million in the factory, contrasting with widespread wariness among international investors after a prolonged downturn brought on by sanctions and a collapse in global oil prices.

But Russia’s economy has recently shown signs of recovery, while its car market is returning to growth after four years of decline.  Continue reading Daimler lays foundation stone for $280 million Mercedes-Benz plant in Russia