Construction starts on Iveco truck plant in Russia

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NIZHNY NOVGOROD, November 29 (RIA Novosti) - The Fiat-affiliated company Iveco and Russian industrial group Samotlor-NN have started building a plant in the Volga region to roll out light commercial vehicles.

Located in the Nizhny Novgorod Region, the plant will require 50 million euros ($73 million) in investment and will be completed in a year.

The joint venture, where Iveco will hold a 51%, stake is expected to reach a projected capacity of 25,000 vehicles by 2010.

Iveco head Paolo Monferrino said the light trucks produced at the plant will be sold in Russia, former Soviet republics and Eastern Europe.

He said Iveco has 27 plants in 18 countries and will reach a production level of 200,000 vehicles this year excluding production in China.

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