- Fiat is hoping to make Russia a huge market for Fiat and Chrysler products.
- By 2016, the Fiat-Sollers joint venture aims for capacity of up to 500,000 units a year.
- Fiat plans to increase its worldwide annual sales to 5.5 or 5.6 million cars by 2014.
MOSCOW — Fiat plans to invest some $3.2 billion in the development of a joint venture with Russian automaker Sollers, with the aim of increasing sales of Fiat and Chrysler models in the country. It is expected that this will make Russia one of the most important markets for the Italian company.
Together with Chrysler, Fiat plans to increase its sales to the level of 5.5 million to 5.6 million cars by 2014. Of this total, 2.8 million cars will be sold under the Chrysler, Dodge, Jeep and Ram brands, while the remaining will cover Fiat's seven brands (Abarth, Alfa Romeo, Ferrari, Fiat, Lancia and Maserati).
Fiat chief Sergio Marchionne said the company's business plan also involves the development of production in Russia, which will be the most important region for the Italian automaker along with the U.S. and China. Last year, Fiat sold more than 18,800 cars in Russia.
Production facilities will be headquartered out of the existing Sollers facility in Naberezhnye Chelny. By 2016, the Fiat-Sollers joint venture plans to increase its capacity to 500,000 units a year.
Earlier this year, Sollers Vice President Nikolai Sobolev announced plans to produce about 150,000 Jeep Patriot, Liberty, Wrangler and Grand Cherokee vehicles per year.
Fiat's full business plan will be officially announced on April 21.
Inside Line says: More in-roads for Fiat's global expansion plans. — Evgeniy Vorotnikov, Correspondent
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