Russia's AvtoVAZ and Canada's Magna plan car JV


TOLYATTI, Russia, May 18 (Reuters) - Russia's largest car maker, AvtoVAZ , and Canadian auto parts maker Magna International signed a memorandum of intent on Friday to jointly develop a new budget model and build a plant. The project will require investment of around 1.5 billion euros ($2.0 billion), AvtoVAZ chairman Vladimir Artyakov told President Vladimir Putin during the signing ceremony in the Volga River town of Tolyatti, the home of Russia's car industry. "It will be a car based ...

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