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. Last Updated: 07/27/2016

GM, YelAZ Plan Deal

MOSCOW ) -- General Motors and the Russian factory YelAZ plan to sign a general agreement to finance a $1.5 billion project to produce off-road vehicles in November, a YelAZ official said Monday.

Yury Martinov, aide to YelAZ's general director, said the two companies planned to set up a joint venture to make up to 500,000 four-wheel-drive vehicles at the YelAZ factory in Yelabuga, Tatarstan.

At the first stage, to begin in the fourth quarter of 1995, GM would supply the joint venture with parts for assembly. The parts would later be produced by military plants in Yelabuga, Martynov said.