A report in the French daily newspaper Le Figaro says that Renault will announce plans to invest US$250 in Avtoframos, its joint venture with the City of Moscow this week. The report says that Renault chairman Louis Schweitzer and Moscow Mayor Yury Luzhkov will make the announcement this Wednesday (February 26).
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Earlier this month Schweitzer said that a decision on investing more in Russia would be made within weeks.
The Avtoframos joint venture in Russia was formed in 1998 and has assembled small volumes of Renault’s Megane and R19 models from kits supplied by Renault’s Turkish operations.
It has been speculated in the past that Renault may seek to make Dacia cars in Russia as part of a strategy to make Romania-based Dacia its emerging markets brand. Dacia plans to launch a 5,000 euro budget model and raise its output to 400,000 units per annum.
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