Russia’s biggest carmaker Avtovaz said on Tuesday it had reached an agreement in principle with General Motors to produce Opel Astra cars at their joint venture plant, Reuters reported.
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According to the news agency, this would be the second model for the $US332 million venture, which the two companies launched at the end of September, 2002 to produce the Chevrolet Niva off-road vehicle.
Reuters cited Vladimir Kadannikov, head of Avtovaz’s board of directors, saying the joint venture, located in Togliatti, south-east of Moscow, would need $1.05 billion in investment over the next five years.
