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German carmaker Mercedes-Benz AG has opened a wholly-owned marketing subsidiary in Russia, widening its network to cope with soaring demand from the country's "nouveaux riches."
"For us this country is one of the most significant markets for the future," Erich Krampe, a Mercedes-Benz board member, said in a news release Thursday.
The company said it planned to complete construction of a central spare parts supply center in Moscow by next March.
Mercedes-Benz currently has 20 dealerships in Russia, where market reforms have created a new class of wealthy businessmen and led to an explosion in demand for luxury cars.
Last year, 2,900 Mercedes cars were sold in Russia, the company's 14th biggest foreign market. Sales early this year were 6,400, Krampe said, without being more specific.
The news release said about half of the sales were of S-Class models, equipped with special security features ideal for Russia's increasingly violent streets.
In January-October, Mercedes' turnover in Russia was more than 645 million Deutsche marks ($410 million), well above the 380 million marks for all of 1993, it said.
Mercedes Opens Subsidiary To Handle Soaring Demand
10 December 1994
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