GAZ Group has said it spent USD19.7m in 2007 in developing new model variants of the Maxus light commercial vehicle at UK-based LDV Holdings, which is a part of GAZ Group.
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Maxus vehicles are sold on the British, European and Russian markets.
At present, all Maxus LCVs are produced in the UK by LDV Holdings. Auto manufacturer GAZ also said earlier it planned to invest USD130m to start up Maxus production in the Russian city of Nizhny Novgorod. Prime-Tass reported.
According to earlier reports, GAZ plans to assemble 5,000 Maxus LCVs in Russia this year with kits supplied by LDV Holdings.
In 2009, GAZ plans to purchase new equipment and upgrade its production line for GAZel LCVs in order to assemble Maxus LCVs. GAZ expects to eventually assemble 50,000 Maxus LCVs per year in Nizhny Novgorod.
The company is targeting sales of 3,100 Maxus vehicles in Russia this year and 12,000 vehicles in 2009.
