Italian Fiat plans to sign an agreement on auto assembly in Russia before the end of the week and may invest $1.1 billion in the project.
"We plan to sign an agreement under the new auto assembly regime before the end of the week," the head of special economic zones and project financing at the Economic Development Ministry, Dmitry Levchenkov, said Wednesday.
The Fiat facility in Nizhny Novgorod will have capacity to produce 120,000 cars a year, including as many as eight Fiat models, Levchenkov said.
Levchenkov said his ministry has signed industrial assembly deals with car manufacturers worth potentially more than $5 billion of investment.
Deals worth a stated $1.2 billion with a consortium of Sollers and Ford, $900 million with Volkswagon, $1 billion with General Motors and up to $2 billion with AvtoVAZ-Renault, Nissan-IzhAuto and Kamaz-Mercedes have been signed.
(Interfax)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
