MOSCOW, September 13 (RIA Novosti) - AvtoVAZ [RTS: AVAZ], Russia's largest carmaker, said on Thursday it plans to launch production of four wheel drive Niva vehicles in Egypt in 2008.
Production will be handled by Lada Egypt, a local car assembly plant, which already produces Lada cars from Avtovaz auto components. Last year Lada Egypt made over 3,100 Lada models.
AvtoVAZ said it planned to produce and deliver around 1,000 Niva components for assembly in Egypt in 2008.
Last year the company posted net profits of 2.5 billion rubles ($99 million), up 15% year-on-year. The company expects revenues of 166 billion rubles ($6.5 billion) in 2007.
Last Thursday Boris Alyoshin, the head of Russia's Federal Agency for Industry, replaced AvtoVAZ' former chief executive, Vladimir Artyakov, who was nominated by the president as governor of the Samara Region.
