Arms manufacturer Rheinmetall AG intends to construct its first armored vehicles in Ukraine next year, the German company’s Chief Executive Officer Armin Papperger told the WirtschaftsWoche magazine.
According to the CEO, a deal with Ukraine on the production of Fuchs armored transport vehicles and Lynx infantry fighting vehicles may be inked by early 2024.
“After the contract is signed, we want to have finished the first (Fuchs) within six-seven months, and the first Lynx within 12-13 months,” Rheinmetall’s CEO was quoted as saying by WirtschaftsWoche.
In October, Ukraine had announced a joint defense venture with Rheinmetall AG to support the local production of some key equipment and to service and repair Western weapons sent to Kyiv against Russia’s military campaign.
The shares of Rheinmetall AG (RHMG) were last gaining 1.46% (EUR 4.100) to trade at EUR 285.800 on Xetra on Monday, as they extended the gains from the previous four market sessions.
The company’s total market cap now stands at EUR 12.351 billion.
The shares of Rheinmetall AG went up 123.99% in 2022, compared with a 12.35% loss for the benchmark index, DAX (GDAXI).
The shares of Germany’s largest defense contractor have risen another 53.61% so far this year.
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