Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Gref Sees Car Deals in St. Pete

Peugeot Citro--n, Europe's second-largest automaker, Suzuki and Volvo will all sign accords with the government this weekend to build factories in the country, Economic Development and Trade Minister German Gref said Thursday.

Peugeot will agree to spend 300 million euros ($404 million) on a plant in a location that has not been determined yet, Gref said in an interview Thursday in St. Petersburg.

Suzuki, Japan's largest maker of mini-vehicles, will build a $100 million facility in St. Petersburg, next to factories being built by bigger rivals Toyota and General Motors, Gref said. Volvo, the world's second-largest truck maker, plans to spend $60 million to $70 million to assemble trucks in Kaluga.

Executives from more than 200 companies will meet in St. Petersburg this weekend for the annual St. Petersburg International Economic Forum, which will be attended by President Vladimir Putin.

The announcement comes one day after an industry source said Nissan, Japan's second-largest carmaker, would start building a $200 million car plant in St. Petersburg on June 24.

Nissan plans to produce 50,000 cars per year by 2009 at its first Russian plant, Reuters reported.

Bloomberg, Reuters