FSO to produce Chevrolet cars

APA - Austria Presse Agentur
28-11-2006, 10:14

Warsaw (Puls Biznesu) – Warsaw FSO plant will produce Chevrolet cars provided that the European Union approves of state subsidy.

Warsaw (Puls Biznesu) – Warsaw FSO plant will produce Chevrolet cars provided that the European Union approves of state subsidy.

After several months of negotiations, General Motors has reached agreement with UkrAvto to produce Chevrolet cars in the Warsaw plant. According to “The Automotive News Europe” magazine production would be launched in the fourth quarter of 2007. Below 10,000 cars would be produced then. In 2008, the production would reach 50,000 cars.

“The official statement will be presented today”, Przemyslaw Byszewski, GM Poland spokesman said.

Krystyna Danilczyk, FSO spokeswoman, did not comment on the news, either. She invited to Wednesday press conference in order to “sum up the year of Ukrainian investor’s presence in FSO” instead. In order to launch Chevrolet production, the European Commission should approve of the state subsidies for FSO. The support would mainly consist in state guarantees for USD 100m credit necessary to launch the production of the new car. The state would guarantee 60 percent of the credit. Moreover, taxes would be paid in installment and debts worth PLN 40m (EUR 10.4m) would not be due.

(PLN 1 = EUR 0.261)

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Podpis: APA - Austria Presse Agentur

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