TOKYO (Reuters) -- Mazda Motor Corp. said on Saturday it has agreed with Russian car maker Sollers to consider forming a joint venture to produce Mazda cars in Vladivostok for the promising Russian market.
The Japanese automaker said in a statement the two companies signed a memorandum of understanding (MOU) for the proposed plan as it aims to push further into emerging markets.
Mazda sold 28,000 vehicles in Russia between January and September this year, making the country its second-biggest market in Europe.
The company builds most of its cars in Japan and is under pressure to reduce exports due to the yen's historic strength. A Russian production base would follow plans announced in June to build a factory in Mexico.
Sollers has entered similar ventures with other automakers this year, including Ford Motor Co. and Toyota Motor Corp., to take advantage of government incentives to boost local production.