China’s Lifan Industry (Group) Co Ltd said it has signed an agreement to build a vehicle assembly plant in Russia, as part of what the company says is its expansion strategy into global markets.

The Chongqing-based automaker said its wholly-owned financial holding subsidiary, Singapore-based Lifan International (Trading) Pte Ltd, has signed an agreement with local authorities to invest USD 150 million in a new facility in Kaluga province.

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Lifan makes a broad range of passenger cars, commercial vehicles and motorcycles. It already has a presence throughout in Asia, Africa, South America and Eastern Europe.

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