GM to Invest $1 Billion in Russian Plant

General Motors said that it will add 1,500 at its St. Petersburg, Russia assembly plant as part of $1 billion expansion plan.

"General Motors is embarking on a new era in Russia, one of the world´s fastest-growing vehicle markets, as part of our strategy to build where we sell," GM boss Dan Akerson announced.

The auto manufacturer expects to boost production in Russia from 98,000 vehicles per year to 230,000.