Russia's largest carmaker to elect new board

Shareholders of AvtoVAZ, Russia's largest auto manufacturer, will meet on Friday to elect a new board of directors, as the company struggles amid mounting debt and low sales.

MOSCOW, November 20 (RIA Novosti) - Shareholders of AvtoVAZ, Russia's largest auto manufacturer, will meet on Friday to elect a new board of directors, as the company struggles amid mounting debt and low sales.

The Togliatti-based company, known abroad for its Lada brand, saw its sales fall by 44% in the first half of this year to 179,000 cars. Its net loss according to Russian Accounting Standards during the period was $492 million.

Russian Deputy Prime Minister Igor Shuvalov said on Sunday that the government would support Renault-Nissan, which currently holds a 25% stake in AvtoVAZ, taking control of the company.