PRESS: GAZ, Volkswagen may invest 13.7 bln rbl in joint projects

MOSCOW, Feb 18 (PRIME) -- Russian automaker GAZ Group and Germany’s Volkswagen may invest 13.7 billion rubles in development of joint products under a special investment contract, Kommersant business daily reported Monday citing sources familiar with the talks.

These are additional investments in the project besides already announced 20.9 billion rubles, which GAZ Group plans to allot for modernization and development of the model range during 10 years under the special investment contract.

According to Kommersant, Volkswagen will be invited as a partner in case sanctions are lifted from GAZ Group, while the additional funds will be earmarked for production of GAZ medium trucks and Ural heavy trucks, as well as production of new models: VW Crafter light commercial vehicles (LCVs) and MAN heavy trucks.

(66.7044 rubles – U.S. $1)

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