MOSCOW, April 9 (RIA Novosti) - GM-Avtovaz car production in the first quarter of 2007 grew 28% on the same period last year to 12,400, the joint venture of General Motors and the Volga automaker said Monday.
In June 2001, General Motors, Avtovaz and the European Bank for Reconstruction and Development signed a framework agreement on establishing a joint venture, General Motors - AvtoVAZ. The enterprise was opened in September 2002.
The project's cost is $338 million, and GM and AvtoVAZ have equal holdings in the joint venture.
In September 2002, the JV produced the first Chevrolet Niva car. In September 2004, the JV launched production of a new automobile, the Chevrolet Viva, based on the Opel Astra T-3000.
In 2006, GM-Avtovaz manufactured 47,880 cars, or 7.6% less than in 2005. In 2007, the enterprise intends to produce 52,800 cars, or 10.3% more than last year.
