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AvtoVAZ, Renault plan to assemble new Lada models in 2010

Automotive

Russia’s largest car producer AvtoVAZ and the French car manufacturing giant Renault will begin assembling new Lada models in 2010, the Russian company said in a statement on Friday.

Two models of vehicles on a Renault platform, able to accommodate five and seven people, will be produced under the Lada brand. The car manufacturing giant Renault-Nissan bought a blocking stake of 25% plus one share in AvtoVAZ for $1 billion in late February. The Russian car manufacturer also plans to design a new low-cost car and an off-road.

AvtoVAZ, based in Togliatti in the Volga Region, and known internationally for its Lada brand, sold a record 663,500 cars in 2007, raising its net profit 57.3% year-on-year to 3.95 billion rubles ($166 million). The company plans to roll out 1.5 million cars annually by 2015. (rian.ru)

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