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French and Japanese car makers join forces in Russia

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French and Japanese car makers join forces in Russia

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France’s Peugeot Citroen and Japan’s Mitsubishi Motors are to invest 470 million euros in a joint venture in Russia. Industry officials say they will jointly produce cars from 2011. The French company will own 70 percent of the venture and Mitsubishi the rest. The factory in Kaluga, southwest of Moscow will produce mid-range SUVs for the Japanese carmaker and mid-size Peugeot and Citroen vehicles. It will employ about 3,000 workers.