ITALY: Fiat plans Chinese and Russian commercial vehicle JVs
Fiat on Monday said would create vehicle making joint ventures in China and Russia.
In statements cited by Reuters the automaker said its Iveco truck division had signed an agreement with China'sSAIC Motor and Chongqing Heavy Vehicle Group to form a heavy truck-making venture with an investment of EUR120m.
It would also will build as many as 75,000 Ducato vans a year in Russia in a venture with local carmaker Severstal.
The companies aim to sell part of the production in Russia, while Fiat will export the remainder, Fiat reportedly said.
The Ducato is made by a Fiat Auto JV with the PSA group in Italy.