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GM, Toyota Up Production

MOSCOW / TOKYO — General Motors said in a statement Tuesday that it plans to increase production in Russia to 350,000 cars a year.

"GM's goal is to produce up to 350,000 vehicles annually and reach an average component localization rate of 60 percent," the company said. Reuters sources said last month that GM and Avtotor plan to form a joint venture to produce at least 300,000 cars per year.

Toyota said Tuesday that it would partner with automaker Sollers to build Land Cruiser Prado light pickup trucks in Vladivostok starting in 2012. Under the agreement, Toyota will supply parts and Sollers will assemble 1,000 vehicles a month at its factory, Toyota said in a news release.

(Reuters)

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