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Avtovaz to be placed under Russian management in May

Russia Materials 13 May 2022 17:42
Avtovaz to be placed under Russian management in May

The authorities of the Samara Region expect Avtovaz to be placed under the Russian management by the end of May, Governor of the Samara Region Dmitry Azarov told TASS on Friday, Trend reports.

"I expect all formalities to be dealt with in May, and the enterprise will be reliably managed," he said.

Russian Industry and Trade Minister Denis Manturov said earlier the French carmaker Renault planned to sell its 68% stake in Avtovaz with the possibility of a buyback within the next five or six years. It is suggested that shares will be handed over to NAMI, the State Research Center of the Russian Federation.

Renault’s press service reported in late March that the operation of the Moscow facility would be suspended, while the company would explore possible options on its participation in the work of Avtovaz.

Avtovaz manufactures cars in full production cycle and auto components for two brands - Lada and Renault. The group’s facilities are located in Togliatti - Avtovaz, Lada West Togliatti, as well as in Izhevsk - Lada Izhevsk.

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