Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
Home Headlines Board of Russia’s AvtoVAZ approves $585 million in 2023 investment programme – RIA agency

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

by uma
0 comment

(Reuters) – The board of directors of Russian top carmaker AvtoVAZ approved the firm’s 2023 investment programme for just under 40 billion roubles ($585 million), Russia’s state news agency RIA reported late on Monday.

“Yes, it has been approved,” RIA quoted AvtoVAZ president Maxim Sokolov as saying.

Renault sold its majority stake in Avtovaz to the Russian state for reportedly just one rouble ($0.0165) earlier this year, but with a six-year option to buy it back. The same state institution snapped up Nissan’s assets this month for one euro.

In the months following the start of the Russian invasion in Ukraine in February, AvtoVAZ has cut production and was offering some workers voluntary redundancy due to lack of components.

Earlier in December, Russia’s Ministry of Industry and Trade of the Russian Federation reported that the board of directors of AvtoVAZ approved the company’s production plan for 2023 at the level of 401,000 vehicles, RIA said.

By Dec. 6, the carmaker had produced 200,000 vehicles this year, according to a statement published on the website of the company’s Lada model.

($1 = 68.3500 roubles)

 

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

 

You may also like