General Motors Corp. and AvtoVAZ launch production at a $332 million joint venture in Togliatti, Russia. The JV will produce about 35,000 Chevy Niva SUVs in its first full year of production. Output is expected to reach capacity levels of 75,000 per year by 2005. GM and AvtoVAZ each have a 41.5% stake in the JV, with the European Bank for Reconstruction and Development holding the remaining 17%. The Niva will sell in the largest price segment for Russia, at about $8,000. It will be ...
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