General Motors approved its strategy for Russia, which includes investments of more than $1 billion over the next several years, said GM Russia and CIS general manager Jim Bovenzi.
The company will reach output in the next few years of up to 350,000 cars, most of which will come from its existing factory in St. Petersburg. That factory has seen $300 million in investment so far.
GM currently has ventures with AvtoVAZ, where it makes the Chevrolet Niva, and GAZ, where it will make the Aveo model. The company said no new joint ventures are planned.
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