Russian car maker Sollers and Fiat have offered Vnesheconombank (VEB) a 10% stake in their future car production joint venture, an industry and trade ministry source said.
VEB is expected to take part in financing the creation of the joint venture, the source told Prime-Tass. The project may also require government guarantees and subsidies of loan interest payments, the source added, not ruling out that the government would provide such support to the project.
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Sollers and Fiat in February signed a memorandum of understanding to set up a joint venture in the constituent republic of Tatarstan. The venture is expected to produce nine car models, including six models based on a Fiat–Chrysler platform. Its capacity is expected to amount to 500,000 cars annually.
Sollers has two production sites in Tatarstan, in the cities of Naberezhnye Chelny and Yelabuga. It produces Fiat Albea and Fiat Doblo Panorama cars in Naberezhnye Chelny and Fiat Ducato light commercial vehicles in Yelabuga.
Sollers also includes Ulyanovsk Automobile Plant, Zavolzhsky Motor Plant, and Sollers Far East. In addition to Fiat cars, Sollers producers UAZ, Isuzu, and Ssangyong models.
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