Japanese automotive manufacturer Mazda Motor and Russian automobile firm OJSC Sollers has partnered to establish a new joint venture production company, MAZDA SOLLERS Manufacturing Rus.
Mazda Motor and OJSC Sollers will invest RUB10bn ($310m)in the new joint venture company, which will be in 50-50 ratio.
According to the company, the operations at the new joint venture company's production facility will start in October 2012, with a production capacity of 50,000 units per annum.
The new joint venture company will be located at Vladivostok, Far Eastern Federal District, Russia.
In addition, MAZDA SOLLERS Manufacturing Rus will provide employment for about 3,000 people and the production will be limited to assembly.
Mazda president and CEO Takashi Yamanouchi said, " Through this joint venture, Mazda aims not only to ensure its own further growth in this market, but also to make a contribution to the future of this industry in Russia."
