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Russia's Sollers, Mitsui to launch JV in Vladivostok - Sollers
Mar. 1, 2011
VLADIVOSTOK (RIA Novosti News Agency)
Russian automaker Sollers and Japan's trading house Mitsui & Co will establish a joint venture on a parity basis to produce Toyota cars in Vladivostok, Sollers-Far East company said on Tuesday.
"The joint venture will produce cars in Vladivostok with technical support from Toyota. (Sollers) has signed an industrial assembly agreement with Russia's Economic Development Ministry for efficient implementation of the Sollers-Bussan project," a Sollers subsidiary in Russia's Far East said in a statement.
The joint venture company will build production facilities and launch production of Toyota Land Cruiser Prado, one of Russia's best selling off-road vehicles, in spring 2012.
The joint venture is to produce about 1,000 cars per month at first.
"The development of the Sollers-Bussan project in Vladivostok will become an additional incentive for regional development and will help increase accessibility of Toyota cars for Russian consumers, especially for Far East region citizens," Sollers-Far East said.