DaimlerChrysler gives up on Russian venture

Well, yesterday's post about the state of the Russian auto industry certainly hit the nail on the head - DaimlerChrysler announced today that it is putting its plans for a Russian Mercedes assembly operation on hold for the foreseeable future.
DCX had planned to invest at least $95 million in a St. Petersburg plant capable of producing up to 30,000 cars per year, but the company decided that tax and customs rules would make the venture uncompetitive.

Ford and Renault already manufacture in Russia, and Toyota is building a new facility to produce its Camry model.

[Thanks for the tip, Matt]