Germany's Daimler inks deal to build vans in Russia: firm
German luxury car maker Daimler said Thursday it had signed an agreement with GAZ, Russia's second-largest auto manufacturer, to produce some 25,000 vans per year in Nizhny Novgorod.
Daimler said it intended to invest some 100 million euros (130 million dollars) in the joint project.
"Pending positive findings of a technical feasibility study, Mercedes-Benz Vans and GAZ will begin preparing the Nizhny Novgorod production location in 2011 for the joint production of vehicles and components," said Daimler, which owns Mercedes-Benz.
At the presentation of the project in Nizhny Novgorod attended by Russian Prime Minister Vladimir Putin, Daimler Chief Executive Dieter Zetsche said the German firm had a "long-term commitment" to investing in Russia.
© 2010 AFP