GM-AvtoVAZ JV to export cars to Europe

The joint venture GM-AvtoVAZ will start exports of cars to central and southern Europe in the spring of 2004, the company's General Director John Mylonas reported to RBC. He noted that cars for exports to Europe would have Opel engines, Aisin transmission, safety bags and an air conditioning system. The price of these cars was not announced, however, Mylonas noted that it would be lower than prices of the company's major competitors. This car model will be introduced on the Russian market in June 2004.

Total exports of GM-AvtoVAZ to central and southern Europe are expected to reach 20,000 cars in 2004. In addition, the company will export about 5,000 cars to the CIS countries this year.

In 2004, GM-AvtoVAZ plans to increase production by almost 100 percent from 35,000 cars in 2003 to 60,000 cars. The company invested about $195.7m in production development in the first eight months of this year.

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