Russia's AvtoVAZ to Spend RUB42 Billion on New Car Line
October 12 2009 - 3:35AM
Dow Jones News
Russian carmaker AvtoVAZ (AVAZ.RS) said Monday it will spend
RUB42 billion ($1.42 billion) in the "near future" on a new line of
cars.
France's Renault SA (RNO.LN) and sister company Nissan Motor Co.
Ltd (7201.TO) are expected to provide up-to-date technology for the
modernization of AvtoVAZ production, Russian Deputy Prime Minister
Igor Shuvalov said in a release from the carmaker.
AvtoVAZ, which is 25% owned by Renault, will concentrate on
producing a car based on the low-cost Logan platform, it said in
the release. It's currently best-known for its Lada cars.
-By William Mauldin, Dow Jones Newswires; +7 495 937 8445;
william.mauldin@dowjones.com