Fiat in venture to build, sell Jeeps in Russia

2/29/2012

DETROIT — Fiat SpA said Tuesday it has signed a letter of intent with a Russian bank to produce and distribute Jeeps in Russia in a $1.1 billion deal.

The Italian automaker, the majority owner of Chrysler Group LLC, said Sberbank intends to finance the project and will own up to 20 percent of the venture.

Fiat said the plant will produce vehicles based on Jeep’s design but said the product range could be expanded. It did not specify which models it intends to build.