Kazakhstan Mobility Engineering, a joint venture established by Astana Motors and South Korean Motrex Co., has launched a new factory producing multimedia systems for cars. They are powered by software developed by Motrex Co. and support Kazakh language. The investments rate amounted roughly $31.7 million.
Kanat Sharlapaev, minister of industry and construction, Nurlan Smagulov, founder of Astana Motors, Kim Junseon, CEO of Motrex, and Beknur Nessipbayev, CEO of Astana Motors, attended the facility’s official opening ceremony. The first batch of equipment for the Tucson and Elantra models has already been sent to the Hyundai Trans Kazakhstan plant. This production will reduce reliance on imported parts and increase the local content in vehicles assembled within the country.
According to MarketScreener, the shares of Mortex Co. are held by Hyung-Hwan Lee (28.6%) and Eun-hee Song (9.97%). The founders of Astana Motors include Anar Makasheva, Beknur Nessipbayev, Ruslan Omarov and A.G. Overseas Pte., a Singapore-registered entity. Astana Group’s website indicates that Astana Motors is part of the holding, with Smagulov listed as its founder and president.
In late October, Smagulov announced plans to develop car leasing programs for both individuals and businesses in Kazakhstan, in partnership with the American Penske Automotive Group.
