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Industry News
Auto Industry NewsWorking to rev up Russias sagging auto marketRussia this week launched its version of a cash-for-clunkers program as part of an ambitious 10-year, $20-billion commitment to revive the country's hard-hit auto industry, which could benefit Detroit automakers -- especially General Motors.Much of that initial effort seems aimed at stimulating Russia's automakers, including the struggling AvtoVAZ. But General Motors, the country's No. 2 automaker, and Ford, which is No. 4, could also benefit as overall sales return. In February, Italy's Fiat, which controls Auburn Hills-based Chrysler, also announced a $3.3-billion joint venture with Russian automaker Sollers to make up to 500,000 vehicles annually by 2016.Russia's program includes an initial investment of $6 billion going toward several areas, including the scrappage program; the government purchase of cars; AvtoVAZ, the nation's largest automaker, and retraining workers."Our end goal is to build a modern auto industry in Russia, including the entire production chain -- from the steel sheet to the end product," Prime Minister Vladimir Putin said in a statement given to the Free Press.
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