GAZ Group will spend up to RUB8bn on new car and bus models within three years, new president Bo Andersson was cited as saying by RIA Novosti.

The group plans to spend up to RUB3bn preparing for production of cars and buses under the Sobol Next brand which is to be launched in 2014.

The remaining funds will be used to develop a small bus, a medium truck and an all-metal wagon, he said.