The Economy

Russian Automaker Partners With Canadian Auto Parts Maker

May 18, 2007

Avtovaz, Magna confirm plans for Russian joint venture.

Top Russian automaker Avtovaz and Canadian auto parts giant Magna on May 18 confirmed plans for a joint venture in southern Russia with an initial production run of 200,000 cars per year.

In December a top Russian official said the two companies were in talks over car factory that would construct the platform for class-C automobiles, which a foreign carmaker would then complete.

Last week Russian metals firm Basic Element agreed to buy a $1.54 billion stake in Magna.

Russia's car market is booming, with the number of cars sold here rising by 20% between 2005 and 2006.

About the Author

Agence France-Presse

Copyright Agence France-Presse, 2002-2024. AFP text, photos, graphics and logos shall not be reproduced, published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP shall not be held liable for any delays, inaccuracies, errors or omissions in any AFP content, or for any actions taken in consequence.