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02-28-2012, 06:12 PM
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70 years after Lend-Lease
Jeeps back to Russia.
 Fiat to build Jeeps in Russia Feb. 28, 2012, 10:28 a.m. EST By Alessandro Torello BRUSSELS -(MarketWatch)- Fiat SpA Chief Executive Sergio Marchionne confirmed Tuesday he has signed an agreement to build Jeeps in Russia, adding that he hoped to start production within the next 24 months. "The agreement in principle is signed," he told reporters on the margins of an event held by the European Automobile Manufacturers' Association, or ACEA, where he holds the presidency. Marchionne said Fiat wanted to build Jeep vehicles in Moscow and St. Petersburg. He didn't elaborate. On Feb. 26, Italian newspaper Corriere della Sera said Fiat had signed a letter of intent with Russian state bank OAO Sberbank to form a partnership to build Jeep vehicles in Russia, whose market is growing faster than the rest of Europe. They would invest EUR850 million in the plant in St. Petersburg where eventually 120,000 vehicles would be produced a year, it said. The second factory would be near Moscow, where the luxury Zil cars for Kremlin officials used to be made. Jeep belongs to Chrysler Group LLC, the U.S. auto maker that is owned by Fiat. Fiat is to provide further details with an official announcement sometime this week. The partnership is the outcome of an initiative by the Russian government to promote direct investment in its automotive industry. In June 2011, it received proposals from various manufacturers, including Fiat, which offered to invest $1.1 billion to build two factories. Fiat had previously tried to form a partnership with OAO Sollers . It failed, losing out to Ford Motor Co. 
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