MILAN (AP) -- Italian automaker Fiat, which owns U.S. automaker Chrysler, says it will no longer pursue a joint venture with the Russian automaker Sollers to produce passenger cars and SUVs.
The two automakers signed a memorandum of understanding last year to produce up to 500,000 vehicles a year in Russia in a bid to become the country's second-largest car maker.
Fiat SpA and Sollers issued a joint statement on Friday saying that both companies have decided to "pursue independent strategies to further develop their respective presence in Russia."
Through its partnership in Chrysler, Fiat aims to create a global car company able to build 6 million cars a year by 2014. Sollers is one of its many strategic partnerships around the globe.
The two automakers signed a memorandum of understanding last year to produce up to 500,000 vehicles a year in Russia in a bid to become the country's second-largest car maker.
Fiat SpA and Sollers issued a joint statement on Friday saying that both companies have decided to "pursue independent strategies to further develop their respective presence in Russia."
Through its partnership in Chrysler, Fiat aims to create a global car company able to build 6 million cars a year by 2014. Sollers is one of its many strategic partnerships around the globe.
