General Motors Invests in Russia

GM, which produces cars in Kaliningrad, St. Petersburg and Togliatti, will invest the money to increase output capacity and in sourcing local components, Lee said ahead of an annual auto show in Moscow.
The number of cars sold in Russia rose 40 percent last year to 2.5 million, reversing losses suffered after the credit crunch, with foreign brands produced in Russia jumping 70 percent to top 1 million.
Growth has slowed this year but remains in double digits, and foreign car makers such as GM - which ranks second in Russia by car sales - are looking to further ramp up production.
The Detroit-based group, which has bounced back from a spell in bankruptcy, started work in June on an expansion of its plant in St Petersburg, where it plans to more than double production to 230,000 vehicles per year.u