Sollers Chief Says Fiat Russian Venture Plans to Make 500,000 Cars a Year

OAO Sollers Chief Executive Officer Vadim Shvetsov said the Russian carmaker’s venture with Fiat SpA will eventually produce 500,000 vehicles a year.

The venture, funded by state development bank VEB, will make 300,000 vehicles a year in the fist stage of production, later increasing that to half a million, Shvetsov told reporters in Khabarovsk on the Chinese border today.

To contact the reporter on this story: Ilya Arkhipov in Moscow at iarkhipov@bloomberg.net

To contact the editor responsible for this story: Brad Cook at bcook7@bloomberg.net

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