NIZHNY NOVGOROD, February 5 (RIA Novosti) – Russian vehicle maker GAZ Group has launched assembly of Chevrolet Aveo sedans at its Nizhny Novgorod plant under an agreement with US car giant General Motors, GAZ said on Tuesday.

“We are now producing 48 cars a day. By April, we should be already producing 150 cars a day,” GAZ CEO Bo Andersson said at the launch ceremony.

GAZ said it will also start assembling Chevrolet Aveo hatchbacks by late March, and hopes to produce about 30,000 Aveo cars annually for the Russian market.

Joint investment in that project will total $29 million, including $19 million from GM and $10 million from GAZ. The vehicles will be built from components made in South Korea, but GM intends to increase the share of locally-made content.

The GAZ facility is Europe’s sole production site for the Chevrolet Aveo.

Chevrolet is General Motors' largest global brand with annual sales of about 4 million vehicles in more than 130 countries. It is the fourth-biggest global car brand in terms of sales and also one of the fastest growing brands in the world, according to GM’s website.

Chevrolet car sales in Russia rose 18 percent in 2012 to 205,000 vehicles, making Russia GM's fourth largest market by sales.