General Motors to Invest $ 1 Billion in Russia over Next 5 Years

General Motor's head of international operations, Tim Lee, said the company plans to invest $1 billion over the next five years to expand car and components production in Russia.  Lee indicated that GM, which currently produces cars in Kaliningrad, St. Petersburg and Togliatti, will invest the money to increase output capacity and in sourcing local components.  The number of cars sold in Russia rose 40 percent last year to 2.5 million, with growth slowing this year, but remaining in the double digits.  In June, GM started work on expansion of its plant in St Petersburg, where it plans to more than double production to 230,000 vehicles per year.  The Petersburg plant makes the Chevrolet Cruze sedan and the Opel Astra hatchback. The expansion will add production of the Astra sedan.  Lee also said GM would expand production of the budget Chevrolet Niva sport utility vehicle, being made in a joint venture with Russia's AvtoVaz.

http://www.reuters.com/article/2012/08/29/us-gm-russia-idUSBRE87S08C20120829