OREANDA-NEWS. September 11, 2007. Severstal-avto and Fiat Group Automobiles signed an agreement on intentions to set up JV in Russia.

The agreement was signed up at the international auto show IAA-2007 in Frankfurt.

The new JV is assumed to involve the new production which should launch the new model Fiat Linea in 2008. The shares will be held by Severstal-avto and Fiat Group Automobiles at par (50/50). JV will be included into the world production network Fiat Group Automobiles. It will be provided with the product strategy and marketing support along with other Fiat-held entities.

The strategic partnership between the parties was launched in 2005.