In Russia there will be a new auto giant

Will be signed today a memorandum on establishing a joint venture between Italy's Fiat and "Sollers - Naberezhnye Chelny", and in the presence of Prime Minister - Vladimir Putin. In accordance with this document provides for the establishment in Russia Centre for the production and development of cars on Fiat platforms and Chrysler. The new joint venture will build on an equal footing based on the former plant of small cars - "Sollers - Naberezhnye Chelny," which is currently going to model Fiat Albea and Doblo, as well as SUVs SsangYong. This plant will produce nine models of different classes. Moreover, the production planned capacity of 500 thousand cars per year! The level of localization of production would be up to 50% and 10% of all vehicles produced will be exported to other countries. Also in our country partners venture will produce engines and transmissions. The total investment in such large-scale road project is estimated at 2.4 billion euros. The holding "Sollers" noted that the investment would involve a joint venture, but the company is also counting on support from the government in attracting long-term project funding under the subsidized interest rate. Thus, in our country in the coming years may see a strong competitor of AvtoVAZ.