Russia's largest carmaker AvtoVAZ

08:56 20/11/2009

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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.

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<div style="border:1px solid #d3d3d3; padding:17px 0 0px 17px; background:#ffffff; width:510px;"><div style="width:100%; overflow:hidden;"><a target="_blank" href="http://en.rian.ru/business/20091120/156913772.html" style="text-decoration:none;"><img src="http://en.rian.ru/i/eng/logo_sml.gif" alt="RIA Novosti" title="RIA Novosti" style="float:left; margin-right:10px;" border="0" /></a><a target="_blank" href="http://en.rian.ru/business/20091120/156913772.html"><img src="http://en.rian.ru/images/15623/59/156235952.jpg" width="120" height="83" border="0" alt="Russia's largest carmaker AvtoVAZ " style="float:right;padding:0px 15px 5px 0px;" /></a><a target="_blank" href="http://en.rian.ru/business/20091120/156913772.html" style="color:#000000;text-decoration:none;display: block; margin: 0 10px 0 0 ;"><strong style="font:19px Georgia,Arial,sans-serif; line-height:16px; font-weight:bold;">Russia's largest carmaker to elect new board </strong></a><p style="font:13px Georgia,Arial,sans-serif; padding:5px 153px 0px 0;"><span style="color:#5590bf;">08:56</span> <span style="color:#5590bf; padding-right:7px;">20/11/2009</span> <span style="font-size:12px;">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.<a target="_blank" style="color:#335f86; padding-left:10px; text-decoration:underline;" href="http://en.rian.ru/business/20091120/156913772.html" title="Russia's largest carmaker to elect new board ">>></a></span></p><div style="padding:6px 0 15px 30px; font:10px Verdana,sans-serif;"><a target="_blank" style="color:#114472; text-decoration:underline;" href="http://en.rian.ru" title="RIA Novosti">Other news of the day</a></div></div></div>

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Russia's largest carmaker to elect new board

08:56 20/11/2009 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.>>

Other news of the day