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Fiat and Russia's Sollers sign joint venture agreements

Fiat and Russia's Sollers sign joint venture agreements

Italian automaker Fiat and Russia's Sollers JSC on Saturday announced joint-venture agreements for producing Fiat cars and diesel engines in Russia.
The agreements were signed by Sergio Marchionne, CEO of Fiat Group, and Vadim Shvetsov, CEO of Sollers, on the sideline of the St. Petersburg International Economic Forum, the companies said in a statement
Sollers, formerly Severstal-Auto, already assembles the Fiat Ducato light commercial vehicle in Russia. The new agreement calls for increasing the output at its plant to make up to 50,000 Fiat Linea sedans. Production is to start this year.
In the other joint venture, Fiat Powertrain Technologies and Sollers will each hold a 50-percent stake in the production of 90,000 engines a year. The engines will be used in the Ducato and the UAZ offroad vehicle that Sollers manufactures.
"Our partnership with Sollers starts a key chapter within the framework of a strategic alliance that is already benefiting from the strengths of the two partners in one of the world's fastest growing automotive markets," Marchionne said in the statement.


Updated : 2021-05-18 01:22 GMT+08:00