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. Last Updated: 07/27/2016

Fiat to Build Daily in Nizhny Novgorod

MILAN, Italy -- Fiat's Iveco truck-making division said Thursday that it would form a joint venture with Russian industrial group Samotlor-NN to build its Daily model in Nizhny Novgorod.

Iveco said in a statement the venture would spend about 50 million euros ($67.17 million) building a plant in the city with a production capacity of 25,000 units per year.

Iveco, which will own 51 percent of the venture, said the vehicles produced would be sold in Russia and neighboring countries.

The Daily will come in three versions: a van, minibus and ambulance, it said.

In a separate deal, Fiat said its auto parts unit Magneti Marelli signed a letter of intent to create a joint venture with Russian company Avtopribor to make electronic instrument clusters for motor vehicles. Magneti Marelli will have 51 percent and Avtopribor will have 49 percent.

Reuters, AP