GAZ, the automotive group owned by oligarch Oleg Derpiska, has said that investment aimed at creating a complete line of diesel engines for commercial vehicles is a top priority.
GAZ Group Deputy CEO Elena Matveyeva told a press conference that GAZ has reviewed its investment projects and determined which of them should be prioritised during the crisis. She said that those projects will be given funding priority.
Elements of the planned diesel investment incude production of the YaMZ-530 engine and the large DCi 11 diesel engine, and production of a small diesel engine (by buying a 50% stake in VM Motori and localizing production in Russia).
“The crisis won’t last forever, and we would lose time and markets if we suspended these projects now,” said Matveyeva.
She also said that the next most significant project is localising LDV Maxus van production in Russia.
GAZ Group has held talks with GM and Chrysler regarding joint design work on light vehicles.
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According to Matveyeva, these talks have been suspended at present: “The ball isn’t in our court.”
