July 06, 2006

July 6, 2006: Magna, GM & ...

Magna ponders building plant in Russia; also considers creating a low-cost car "to show automakers inexpensive vehicles designed for emerging markets can be profitable" July 6, 06, NatPost / Bloomberg News


The company is studying potential sites near Moscow, in Saint Petersburg and in Togliatti ....General Motors Corp. said in June it will build a US$115-million plant near St. Petersburg.

GM board to meet Friday to mull alliance -- Meeting was scheduled before Kerkorian proposed a partnership

The possibility of a three-way global auto partnership emerged last week after Kerkorian, who owns 9.9 percent of GM, said he had approached Carlos Ghosn, the chief executive of both Renault SA of France and Nissan Motor Co. of Japan, about considering adding GM to the Renault-Nissan alliance.

Kerkorian’s investment company, Tracinda Corp., told GM Chairman and CEO Rick Wagoner in a letter that Renault and Nissan are receptive to the idea of including GM in their partnership and purchasing “a significant minority interest” in the automaker.

Sic transit gloria ... automotive industry jobs ... The East beckons.


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