Russian Automaker Partners With Canadian Auto Parts Maker

Avtovaz, Magna confirm plans for Russian joint venture.

Top Russian automaker Avtovaz and Canadian auto parts giant Magna on May 18 confirmed plans for a joint venture in southern Russia with an initial production run of 200,000 cars per year.

In December a top Russian official said the two companies were in talks over car factory that would construct the platform for class-C automobiles, which a foreign carmaker would then complete.

Last week Russian metals firm Basic Element agreed to buy a $1.54 billion stake in Magna.

Russia's car market is booming, with the number of cars sold here rising by 20% between 2005 and 2006.

Copyright Agence France-Presse, 2007

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