Sollers announced it will invest 750 million rubles in its joint venture with Mazda Motor.
At the end of July Federal Antimonopoly Service of Russia approved Sollers and Mazda joint venture, and allowed Sollers to buy a 50% stake in Mazda. The two companies set up the JV for the production of Mazda CX-5 crossovers and Mazda 6 sedans, which will begin at the end of this year in Vladivostok. The cars will be manufactured for the Russian market, and production will begin with 50,000 vehicles annually, reaching 70,000 in the near future.
Sollers announced it plans to invest 750 million rubles in the Mazda Sollers Manufacturing Rus joint venture. The company, which includes brands such as ISUZU, SsangYong and UAZ, sold 46 846 units in the first half of this year, up 23% from 37 946 units sold in the same period last year. From January to June Mazda sold 24,600 vehicles in Russia, up 44% from last year.
During the same period SsangYong sales increased 63% to 14,877 units from 9,107 last year, UAZ’s off-roaders saw an increase of 14% to 31,647 units from 27,650 vehicles, and ISUZU trucks sales reached 322 units, after the two companies signed an agreement in May to stop production of N-Series trucks at Ulyanovsk Automobile Plant.