GM and Chrysler To Russia, With Love

Or it could be a heady combination of desperation and lust. Now that common wisdom holds that the Russian carmarket is The Next Big Thing, all the major playas are scrambling for a piece of the action. As we reported, GM was looking to buy into the Russian automaker AvtoVaz. As we didn't report (until now), The General got pipped at the post by the French. Blogging Stocks considers GM's failure to hook-up with AvtoVaz a major bummer and reveals that Renault stumped-up $1.6b for the honor of owning 25% of the Russian automaker. Undaunted (or perhaps foolhardy), GM now wants to fill-up with Gaz. msnbc reports that The General has already signed a letter of intent to develop an "affordable car" (as opposed to?). Despite the lack of said vehicle, GM wants to deepen its ties with billionaire Oleg Deripaska's company and expand their theoretical mutual efforts. Yes, well, meanwhile, the Gaz Volga already uses a Chrysler engine and underpinnings (ye olde Dodge Stratus), and Auburn Hills wants in as well. "Leonid Dolgov, chief executive of Gaz's car division, told the Financial Times it was 'no secret' his company was involved in talks with Chrysler." Well if it was before, it ain't now. [thanks to starlightmica for the links]