Business

Renault ready to rescue Russia's largest carmaker

Logan Car Assembly Line

14:44 06/10/2009

The French carmaker Renault, which holds a blocking interest in AvtoVAZ, is willing to invest in the ailing Russian auto giant, Russian First Deputy Prime Minister Igor Shuvalov said on Tuesday.

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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.
Russian government to raise $1.87 bln to rescue AvtoVAZ carmaker
23:18 03/11/2009
The Russian government is planning to raise 54.8 billion rubles ($1.87 billion) to bail out the ailing AvtoVAZ automaker, Prime Minister Vladimir Putin said on Tuesday.
Russian car giant AvtoVAZ half-year net loss swells by 10 times
13:22 12/10/2009
Russia's largest automaker AvtoVAZ said on Monday its net loss under International Accounting Standards increased almost 900% to 19.6 billion rubles ($653 million) in January-June from 2 billion rubles (67 million) a year earlier.
The cost of saving AvtoVAZ
16:48 08/10/2009
Russian Prime Minister Vladimir Putin pledged to save the country's largest carmaker AvtoVAZ from closure. AvtoVAZ posted record losses of 14.2 billion rubles ($447 million) in January-June 2009 against net profits of 1.49 billion rubles ($47 million) in the same period of 2008.
Opel plant in Belgium could be moved to Russia - paper
18:35 06/10/2009
The Opel plant in the Belgian city of Antwerp is likely to be closed by the carmaker's new owners and production could be moved to Russia, the Belgian economic magazine Trends said on Tuesday.
Russia's largest carmaker needs over $2 billion - paper
11:31 06/10/2009
Russia's largest carmaker, AvtoVAZ, urgently needs 70 billion rubles ($2.33 bln) to stay afloat, the Kommersant business daily said on Tuesday.
VEB could buy shares in ailing Russian car giant AvtoVAZ - paper
11:02 30/09/2009
Russian state-run national development bank, Vnesheconombank (VEB), could become a shareholder in AvtoVAZ as a condition for state support for the ailing Russian car giant, a business paper reported on Wednesday.
Trade union says AvtoVAZ layoffs likely at start of 2010
15:03 25/09/2009
Plans at Russia's largest carmaker AvtoVAZ to cut its workforce to around 75,000 will probably go ahead in January-February 2010, the head of the company's trade union said on Friday.
AvtoVAZ job cuts not officially confirmed - ministry
11:32 25/09/2009
Russian health ministry has not received any official announcement from AvtoVAZ on its plans to cut over 27,000 workers, the Health and Social Development Minister said on Friday.
Russia's AvtoVAZ to cut 27,600 employees
10:28 24/09/2009
Russia's largest carmaker AvtoVAZ is planning to lay off 27,600 employees, bringing its total personnel down to around 75,000, the company press service said on Thursday.
Russia's AvtoVAZ to switch to full working week in December
22:47 14/09/2009
Russia's largest carmaker, AvtoVAZ, announced on Monday that it will re-introduce a full working week from December 14, with a workforce reduced by 5,000.
Russia's largest carmaker AvtoVAZ plans mass redundancies
14:57 11/09/2009
AvtoVAZ, Russia's largest car producer, intends to reduce the number of its employees by 36,000 by December 1.
AvtoVAZ resumes production after month-long break
07:06 01/09/2009
Russia's leading car producer AvtoVAZ resumed operation at its main assembly line on Tuesday following a month-long break forced by falling demand and "unstable" social situation in the company.
Russia's AvtoVAZ appoints new CEO
16:36 28/08/2009
The board of directors of Russian auto concern AvtoVAZ have appointed Igor Komarov as the company's new president, AutoVAZ said in a press release on Friday.
AvtoVAZ employees rally in downtown Tolyatti
12:28 07/08/2009
AvtoVAZ employees have put up a rally in the centre of Tolyatti demanding that the government nationalize the plant.
Putin instructs government to extend $806 mln loan to AvtoVAZ
11:26 04/06/2009
Russia's prime minister has instructed the government to provide a 25 billion ruble ($806 million) loan to support the ailing car giant AvtoVAZ, the government's website said on Thursday.
Russia's AvtoVAZ posts $198 mln loss in Q1
11:07 18/05/2009
AvtoVAZ, Russia's largest carmaker, announced on Monday a loss of 6.33 billion rubles ($198 million) in January-March 2009 against a net profit of 281 million rubles ($8.8 million) in the same period of 2008.
AvtoVAZ share issue no option after state aid - Renault
13:13 17/04/2009
An additional share issue is not being discussed as a measure to help AvtoVAZ amid the ongoing economic crisis after the Russian carmaker received $776 million in state aid, a Renault executive said on Friday.
Russian MPs set up measures to support AvtoVAZ
17:27 20/03/2009
Members of the Russian State Duma have decided that AvtoVAZ needs help from the government. Along with loans at subsidized interest rates, they propose giving the plant direct tranches from the federal budget.
Russia's AvtoVAZ says overstocked with 90,000 unsold cars
19:31 17/03/2009
AvtoVAZ changes payment scheme to deter halts in production
10:18 12/03/2009
Russia's leading carmaker AvtoVAZ will give up its current payment scheme and pay suppliers in cash in 2009 to prevent production disruptions, the plant said, citing its president.
Component shortage forces AvtoVAZ to suspend production
20:22 05/03/2009
Component parts manufacturers refuse to accept bills of exchange from the Russian car maker AvtoVAZ, delaying the delivery of supplies. The plant therefore had to postpone the resuming of its car manufacturing.

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The cost of saving AvtoVAZ
16:48 08/10/2009
Russian Prime Minister Vladimir Putin pledged to save the country's largest carmaker AvtoVAZ from closure. AvtoVAZ posted record losses of 14.2 billion rubles ($447 million) in January-June 2009 against net profits of 1.49 billion rubles ($47 million) in the same period of 2008.

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AvtoVAZ needs restructuring

AvtoVAZ has a production capacity of over 800,000 vehicles annually. It has made more than 25 million Lada cars since it was established in 1970 as a joint project with Italian carmaker Fiat. The company currently produces 15 models priced between 150,000 rubles ($4,800) and 350,000 rubles ($11,240).