The protocol stipulates that a joint venture will be established in Tolyatti for the production of Class C family cars. The document was signed by chairman of the Avtovaz Board of Directors of Sergei Chemezov, President of Avtovaz Group Vladimir Artiakov, and heads of Magna International Frank Stronach and Siegfried Wolf.
According to the protocol, the parties have agreed to organise joint design, development and production at the new automobile assembly plant for new generation models — sedan, hatchback and minivan. The design capacity of the first release will be 220,000 cars per year. A direct agreement on establishing the joint venture will be signed at a later date.
Vladimir Putin called this project a promising one and expressed his hope that it would be implemented with the participation of Avtovaz and the GAZ automobile factory. The President added that the Russian government will support this project.