GM (GM) was hoping to take a controlling interest in large Russian car maker Avtovaz to expand its footprint in the fast-growing market. Many analysts believe that Russian will pass all other countries in Europe to become the No.1 vehicle market in that reason.
But, the US car company’s plans were dashed when Renault picked up 25% of Avtovaz, according to The Times of London. Renault paid $1.25 billion for its piece.
Douglas A. McIntyre
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