Zetta company has had to shift mass production of its Russian car “City Modul 1” until after 2020 because the Fund of Industry Development refused to provide credit of 99.9 million Rubles (about € 1.1 million).
According to the Fund opinion, the company has insufficient budget to start the production, even with the requested credit. “The company needs an investor, who will believe in market potential of the product, and will co-finance the project together with the fund. The fund is ready to consider application one more time as soon as such investor will be found,” the Fund said
“City Modul 1” would become first serial Russian electric car. Zetta plans to make the car on its own production site in Tolyatti; production capacity is 15,000 units per year.
PSR Analysis: The car will be assembled from all Russian components, except the battery, which will be imported from China. Expected price is 5000 Euro, half of it coming from the battery cost. The car is expected to run up to 200 km on single battery charge. PSR
Maxim Sakov is a Market Consultant-Russia, for Power Systems Research
