Russia’s Sberbank and Magna, which recently signed a framework agreement to buy a 55% stake in Opel, may form an alliance with Russia’s largest carmaker AvtoVAZ, Kommersant business daily reported on Wednesday, citing Sberbank president and CEO German Gref.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
He said it would be possible to form a large car production conglomerate around AvtoVAZ, Opel, and Magna, according to Prime-Tass. It could produce between 3m and 6m cars a year and the project could take between three and five years to complete.
Gref said AvtoVAZ can’t currently develop vehicles independently and should either allow itself to be managed by Renault, which holds 25%, or form an alliance with Opel and Magna. A final decision on the issue is expected to be made within the next six months, he added.
GAZ Group, which is also participating in the consortium with Sberbank and Magna to buy Opel, said earlier it would produce Opels at its production facilities in Nizhny Novgorod.
