Economy
In recent years Kaluga has become one of the centers of the Russian automotive industry, with a number of foreign companies opening assembly plants in the area.
On November 28, 2007, Volkswagen Group opened a new assembly plant in Kaluga, with further expansion plans planned to be completed by, or during, 2009. The investment has reached more than 500 million Euro. The plant currently assembles the Volkswagen Passat and Škoda Octavia. Planned annual capacity from 2009: up to 150,000 vehicles.
On October 15, 2007, the Volvo Group broke ground on a new truck assembly plant, that was inaugurated on January 19, 2009. The plant has an yearly capacity of 10,000 Volvo and 5,000 Renault trucks.
On December 12, 2007, PSA Peugeot Citroën announced its decision to build a new assembly plant in Kaluga. By March 2010 the plant was operational, building Peugeot 308s for the Russian market and would also produce Citroën and Mitsubishi models.
Read more about this topic: Kaluga
Famous quotes containing the word economy:
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)