Support The Moscow Times!

Avtodor Signs Deal With VEB

Car manufacturer Avtotor, which manufactures BMW, Chevrolet, Hummer and Kia passenger cars in Russia, is set to sign a cooperation agreement with state-owned bank VEB at the Sochi 2013 International Investment Forum to build an automotive industrial cluster in the Kaliningrad region.

Representatives from the parties confirmed the information, adding that the project, which will be capable of producing 250,000 cars per year, will be carried out in cooperation with Canadian automotive parts manufacturer Magna, Vedomosti reported.

Building an industrial cluster in Russia's Western enclave would cost about 120 billion rubles ($3.8 billion), a third of which would be drawn from outside sources, Avtotor's president Valery Draganov said. He added that VEB would be able to finance all stages of the project.

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.