ST. PETERSBURG, October 25 (RIA Novosti) - General Motors does not plan to sell its stake to AvtoVAZ [RTS: AVAZ] in their joint venture, the GM director for Russia said Wednesday.
In June 2001, General Motors, the Volga auto maker 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.
Warren Brown said relations between General Motors and AvtoVAZ were quite positive, and he saw no reason for change.
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 fist Chevrolet Niva car. In September 2004, the JV launched the production of a new automobile, the Chevrolet Viva, based on the Opel Astra T-3000.
