ST. PETERSBURG, June 6. /TASS/. Aurus plans to launch a premium cars production plant in St. Petersburg on the base of the ex-Toyota plant.

Governor of St. Petersburg Alexander Beglov and Aurus CEO Andrey Pankov signed a relevant agreement at the St. Petersburg International Economic Forum (SPIEF).

"Implementation of the investment project will make it possible to intensify the process of creating and developing the whole range of technologies in the automotive sector, attract investments to the industry of St. Petersburg and strengthen the city status as an ‘automobile capital’," according to pre-reads to the agreement.