General Motors, Russia’s AvtoVAZ, Form Joint Venture

General Motors, Russia’s AvtoVAZ, Form Joint Venture – Brief Article

Russia’s AvtoVAZ car-maker and General Motors said they have created a joint venture to produce a new vehicle. The new vehicle may be named Chevrolet-Niva. The JV plans to make up to 90,000 such cars a year, the company said.

Production is to begin in the second quarter of 2002. The preliminary price of the car is $8,000. In addition to General Motors, the JV will also involve the European Bank for Reconstruction and Development. Investment in the project are estimated at about 330 U.S. dollars.

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COPYRIGHT 2001 Gale Group