PSA Peugeot Citröen, Europe's second-largest automaker, and Japan's Mitsubishi Motors Corp. have agreed to build sport-utility vehicles and mid-sized cars in Russia, Europe's fastest-growing major auto market.
Peugeot will invest as much as 350 million euros, or $538 million (Canadian), in a plant near Kaluga, 180 kilometres southwest of Moscow, CEO Christian Streiff, left, said at a Paris news conference yesterday. The factory will make 160,000 vehicles a year, of which 50,000 will be SUVs, and eventually boost production to 300,000, Streiff said.
"The Russian market is a strong market that will soon hit three million and then progress toward four million," he said. "It's important to be there with high volumes."
Renault SA, Paris-based Peugeot's smaller French rival, Germany's Volkswagen AG and Ford Motor Co. all produce vehicles in Russia, as does General Motors Corp., the world's largest automaker, which owns a plant with Russia's OAO Avtovaz.
Peugeot will invest as much as 350 million euros, or $538 million (Canadian), in a plant near Kaluga, 180 kilometres southwest of Moscow, CEO Christian Streiff, left, said at a Paris news conference yesterday. The factory will make 160,000 vehicles a year, of which 50,000 will be SUVs, and eventually boost production to 300,000, Streiff said.
"The Russian market is a strong market that will soon hit three million and then progress toward four million," he said. "It's important to be there with high volumes."
Renault SA, Paris-based Peugeot's smaller French rival, Germany's Volkswagen AG and Ford Motor Co. all produce vehicles in Russia, as does General Motors Corp., the world's largest automaker, which owns a plant with Russia's OAO Avtovaz.
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