Fiat Invests In Russia More Than $ 1 billion

Fiat will invest $ 1.1 billion and built 120,000 cars a year in Russia, taking advantage of state aid and return the auto industry, said Minister of Economy of Russia.

The Italian company, which has left Russia after it failed to find a local partner earlier this year, decided to perform another test. Fiat could complete this project by Friday, said the government official responsible for negotiations, Dmitry Levchenkov.

"We have prepared the agreement. It will be signed this weekend. The project is based on an old assembly plant, but Fiat will take over and other obligations - a new capability (larger) of 120,000 cars per year, "said Levchenkov.

Fiat wants to build two plants in Russia, one with a production capacity of 120,000 cars a year and one for engines, writes RIA Novosti news agency.

Russia had to overcome Germany as the largest car market in Europe before coming global economic crisis, as sales halved in 2009 and led many manufacturers, including industry leader AvtoVAZ to enter into financial crisis.

Source: http://www.fiat.com/


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