GM-ELAZ AUTO PRODUCTION AGREEMENT.

General Motors and Elaz, the Yelabuga-based automotive firm (Tatarstan), have agreed to build and operate a $250 million plant to assemble Chevrolet Blazers for the Russian market. The companies said the proposed plant in Tartarstan could be building the sport utilities within two years of receiving government approval. Under the plan, GM would have a 25 percent equity stake in the project, compared with 75 percent for Elaz. The plant would produce up to 50,000 units a year using imported and locally made parts. American-made Blazers have been sold in Russia since 1992, but sales have been slow because import taxes add to the price. The ultimate objective of the plant is to launch production of medium-sized and small automobiles, like the German Opel. (5)

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