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Sollers preferred Ford in favor of Fiat
The parties have signed the memorandum of intentions to create a joint venture on parity basis and have promptly applied to the Ministry of Economic Development and Trade of the Russian Federation concerning the conclusion of additional agreements in accordance with a new mode of "industrial assembly” that came into force in February 2011. The future joint venture under Ford Sollers name will be engaged in the manufacture and sale of Ford vehicles in Russia, including light-duty commercial cars. Besides, they speak of joint release of engines, as well as the organization of stamping operations, which will considerably increase the general level of localization of Ford vehicles made in the Russian Federation. Moreover, Ford Sollers company plans to conduct research and developmental activity.
