Fiat planning to produce up to 500,000 vehicles a year in Russia
By Andrew C., 26 Aug, 2010. 0 Comments
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S.p.A.'s 2.4 billion euro ($3.29 billion) joint investment with its local partner, Sollers, the plan is to produce up to 500,000 Fiat and Chrysler vehicles a year in Russia. The Russian government said that Prime Minister Vladimir Putin will be at the town of Naberezhnye Chelny to oversee the signing ceremony between Sollers and Fiat CEO Sergio Marchionne. Details are scarce but so far, it has been divulged that the new car plant will assemble nine Fiat and Chrysler models. This joint venture would easily become Russia's second-largest automaker, second only to AvtoVAZ, in which Renault SA owns a 25% stake. Furthermore, the government said that the joint venture will roll out vehicles with at least 50% local content. It also aims to export a minimum of 10% of total production.
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