Board of Russia’s AvtoVAZ approves $585 million in 2023 investment programme

Reuters – The board of top Russian automaker AvtoVAZ has approved the company’s 2023 investment plan for just under 40 billion rubles ($585 million), Russian state news agency RIA said late Monday. reported.

“Yes, approved.

Earlier this year, Renault sold a majority stake in AvtoVAZ to the Russian government for just one ruble ($0.0165), with a six-year buyback option. The same state-owned agency bought Nissan’s assets for one euro earlier this month.

In the months since Russia launched its invasion of Ukraine in February, AvtoVAZ had halted production and offered voluntary layoffs for some workers due to parts shortages.

The Ministry of Industry and Trade of the Russian Federation reported in early December that AvtoVAZ’s board of directors had approved the company’s 2023 production plan at the 401,000-unit level, RIA said.

The company produced 200,000 vehicles by December 6 this year, according to a statement posted on the company’s Lada Models website.

($1 = 68.3500 rubles)

(Reporting in Melbourne by Lydia Kelly; Editing by Christopher Cushing)

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