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. Last Updated: 07/27/2016

Avtovaz: GM Deal Near

MOSCOW -- Russia's biggest carmaker, Avtovaz, said Wednesday that a long-awaited agreement for a joint car plant with General Motors Corp. is likely to be signed next month.

However, GM executives were much less optimistic Wednesday, after two years of talks about the project. "We hope to finalize the agreement in September, but it's too early to talk about further details,'' GM spokesman Dmitry Choulga said.

Avtovaz chief Vladimir Kadannikov told reporters at the Moscow car show Wednesday that production at the joint plant would begin next year.