ST. PETERSBURG, June 2 (RIA Novosti) - Japan's Nissan Motor Company announced it plans to produce affordable cars at an opening ceremony, attended by Russian Prime Minister Vladimir Putin, of a $200 million plant in St. Petersburg

"Nissan wants to produce affordable cars in partnership with Renault and [Russian car maker] AvtoVAZ," Nissan CEO Carlos Ghosn told a press conference, adding that market stability was not possible without affordable cars.

Putin earlier took the Nissan executive for a ride in the first Nissan Teana to roll off the assembly line in Russia.

"It's a good car - high-quality and beautiful," Putin told reporters.

Nissan announced plans to open an assembly line near Russia's second city in April 2006. Construction was formally started at a groundbreaking ceremony in July 2007.

The plant will produce 50,000 cars a year, initially the Teana model and later the Nissan X-Trail. Around 750 workers will be employed at the plant.