Russia will start manufacturing armored vehicles under a license from the Italian company Iveco in 2011, a first deputy Russian defense minister said at Euronaval 2010 on Tuesday.

The Euronaval 2010 exhibition, the 22nd International Naval Defense & Maritime Exhibition and Conference, is being held at the Paris-Le-Bourget Exhibition Center October 25-29.

"Production of the first vehicles is to begin next year. The first vehicle will be manufactured at the end of [2011]," Vladimir Popovkin said, adding that a joint venture that will roll out the vehicles has already been established in Russia.

Popovkin said this will in essence be a Semi-Knock Down assembly. "The use of Russian components is to exceed 50% with time," he said.

Italian truck, bus and diesel engine manufacturer Iveco (Industrial Vehicle Corporation) is based in Turin.

LE BOURGET, October 26 (RIA Novosti)