December 5, 2007 -- The construction of a new Daily manufacturing facility has commenced in Russia, as part of a joint venture established in June 2007 between Iveco, a Fiat Group company, and the industrial group Samotlor-NN, one of Russia’s major bodybuilders.

This joint venture has seen the formation of a company called Saveco, which is 51 per cent owned by Iveco, which will manufacture the Daily locally. In addition to the transport of goods, particular emphasis on using the company’s award-winning light commercial vehicle chassis will be placed on the production of vehicles for use in minibus and ambulance applications.

Located in Semonov, in the Nizhniy Novgorod region, the new Saveco plant will have a maximum production capacity, in the medium term, of 25,000 units per year, building vehicles up to and including the largest 6.5 tonne Daily. Saveco expects around 70 per cent of production will comprise 5 tonne vehicles and above.

“The implementation of this joint venture reconfirms the strong commitment of Iveco and the Fiat Group to invest in Russia,” said Paolo Monferino, Chief Executive Officer of Iveco.

“We believe that part of our future as a global player has to be built in Russia, and Saveco’s activities will result in a knowledge and technology transfer that will benefit the joint venture as a whole. It will also be responsible for creating approximately 2,500 new jobs locally,” he added.

Source: Just-Auto