RUSSIA: RENAULT INKS MOSCOW PRODUCTION DEAL.(Brief Article)

IPR Strategic Business Information Database, March, 2003

France's Renault signed a deal with the city of Moscow on 26 February to invest $250 million into a production facility for affordable family sedans, RBK reported the same day. The city of Moscow, which owns 38 percent of the Avtoframos joint venture, in return will provide tax breaks and cheap rent, "Vremya MN" reported on 27 February. French engineers are still at work on the X90, which is targeted at Eastern European markets with a sticker price of approximately $10,000. Renault hopes to churn out 60,000 X90s a year in Moscow by 2007, "Kommersant" reported on 27 Feburary. Moscow Mayor Yurii Luzhkov even talked about boosting annual production to 120,000, "The Moscow Times" reported on 27 February. The investment marks the largest commitment to date by a foreign...

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