GM is bidding against other interests for a "significant stake" in Russian automaker Avtovaz. The company currently produces and markets two models under the Chevy name, one based on the Lada Niva and the other based on the previous generation Opel Astra. The GM-Avtovaz alliance was a bit shaky there for a while, what with the Russian arms-export agency taking over the company and a pricing dispute (we love Russia).

They've put the whole mess behind them and are now once again producing automobiles. GM is kicking ass in the expanding Russian market, with sales projected to nearly double from 132,000 last year to more than 250,000 vehicles in 2007. We're not sure what the result of this deal will be, but we hope it's going to be a great setup for Yakov Smirnoff jokes for years to come. [WSJ]