Russian car manufacturer (and Ford joint venture partner) Sollers plans to inject RUB750m (US$23.7m) into the charter capital of its separate joint venture with Mazda Motor Corporation to acquire 50% in the company, according to a decision of Sollers’ board of directors seen by local news agency Prime.
Sollers and Mazda last April signed an agreement to set up a joint venture to produce cars in the far east city of Vladivostok.
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The plant, called Mazda Sollers Manufacturing Rus, will start operating at the end of 2012 with an initial annual production capacity of 50,000 cars, which is expected to be later increased to 70,000.
It will produce Mazda CX-5 SUVs and the newly redesigned 6 as well as Sollers models designed for Russia.
