EnglishItalian carmaker "Fiat" SpA will invest 700 million Euros together with the Serbian government for the modernization of Serbian plant, previously owned by "Zastava Automobili", maker of the Yugo model. At the moment, the plant - which is located in the city of Kragujevac, is a joint venture between Fiat (67%) and the Serbian government.
Fiat plans to make two new models at the plant, one of which could be for Chrysler Group LLC, its U.S. partner. The plant is set to produce 200,000 cars a year by 2011-2012, with the possibility of increasing output by 100,000 at a later date.
Nearly all the cars will be for export, but Fiat has yet to name the markets where they could be sold.
After Poland and Turkey, Serbia will be Fiat"s third manufacturing base in the region.
Fiat"s relationship with Zastava dates to 1954 and culminated in the creation of the Yugo, which was based on Fiat"s 127 model, in 1980.
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