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Avtotor Seeks $3 Billion Kaliningrad Car Project, Vedomosti Says

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May 28 (Bloomberg) -- Avtotor, a closely held Russian car manufacturer, wants to start 100 billion rubles ($3 billion) project in its home Kaliningrad region to produce 350,000 cars a year by 2018, Vedomosti said today, citing Avtotor’s chairman Vladimir Sherbakov.

Avtotor may set up joint ventures with international car-makers, including Bayerisce Motoren Werke AG and General Motors Co. to produce cars and auto parts, newspaper said. The partners may take stakes of between 30 percent and 50 percent in the ventures.

Avtotor and its partners will provide as much as 80 billion rubles for the project, while Russian government may help to fund it with between 20 billion rubles and 25 billion rubles, Vedomosti said citing Sherbakov.

To contact the reporter on this story: Yuliya Fedorinova in Moscow at yfedorinova@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

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