LDV owner in diesel investment
Monday, October 06, 2008
“The move will allow us increased input when it comes to developing future engines for the Maxus range,” says LDV chief executive, Evgeniy Vereshchagin. It also allows GAZ to set up production of VM diesels in Russia under licence for Maxus and its Gazelle model, which is not sold in the UK.
LDV's Russian owner GAZ has bought a 50 per cent stake in diesel engine maker VM Motori of Italy from Penske Corporation making it a 50/50 partner in the business along with General Motors. VM's diesels are used to power LDV's Maxus and the company supplies engines to a number of other brands, including Chrysler and Jeep.
VM used to be wholly owned by Penske. GM purchased its half of the firm from Penske in 2007.