MILAN — Fiat signed a letter of intent with Sberbank for a joint venture that will produce and sell Jeep-branded cars in Russia, Corriere della Sera reported Sunday.
A Russian official said in December that Fiat would sign an agreement to build a major new car plant in St. Petersburg during the first quarter of 2012. Corriere said the letter signed Saturday night envisages a joint venture in which Fiat would have an 80 percent share. Sberbank is set to finance the project by offering a credit line to the new company, the paper said without quoting sources.
Corriere said the joint venture would invest 850 million euros ($1.14 billion) in a St. Petersburg plant that would produce 120,000 cars a year. It said a second plant would be opened in Moscow.
(Reuters)
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.
