Fiat and Russian partner Sollers will today sign a EUR2.4bn (US$3.29bn) deal to build up to 500,000 Fiats and Chryslers a year, Moscow told reporters on Wednesday.

Prime minister Vladimir Putin was due to travel to Naberezhnye Chelny on Thursday to oversee the signing ceremony between Sollers and Fiat CEO Sergio Marchionne. The new car plant will assemble nine as yet unspecified Fiat and Chrysler models.

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The JV will be Russia’s second-largest automaker after AvtoVAZ which is 25% owned by Renault.

The Fiat-Sollers joint venture will use 50% local content and aims to export a minimum of 10% of total production, according to Moscow.

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