Negotiations on a joint venture between automotive giant GM and Russian automaker OAO Avtovaz are still continuing but no agreement has yet been reached, according to a GM spokesman in response to a Dow Jones Newswire report.
The discussions, on-going for nearly 10 years, includes the joint manufacture of a new version of Avtovaz`s sport-utility model alongside a small car based on a GM vehicle currently sold in Europe, according to Russian media reports.
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The deal is said to be one of the biggest between US and Russian firms, with investment set to total $500 million.
