Fiat has submitted a plan to the Russian government to build as many as 300,000 cars a year in the country, after last week ending talks on a EUR2.3bn (US$3.3bn) deal with OAO Sollers.

“The product plan will be principally based on production of C and D segment cars, SUVs and light commercial vehicles,” Fiat told the Korea Herald. “The Fiat and Jeep brands will be the mainstays of the project.”

Sollers signed an agreement with Ford after talks with Fiat ended.

Fiat is targeting fast-growing economies to counter losses in Europe, its biggest market.

Russia may become the world’s sixth-largest auto market in 2020, with 4m deliveries a year, the Boston Consulting Group said in a report earlier this month. The nation is now the world’s 10th-largest car market, with 1.9m annual sales, according to the consulting firm.