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AvtoVAZ Job Cuts Climb to 13,000
OAO AvtoVAZ, Russia's largest carmaker, says it will eliminate about 13,000 jobs at its Lada factory in Togliatti, Russia, Reuters reports.
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OAO AvtoVAZ, Russia's largest carmaker, says it will eliminate about 13,000 jobs at its Lada factory in Togliatti, Russia, Reuters reports.
The company announced in January it would trim 7,500 jobs because of a weakening auto market. The Moscow Times reported last week that the cuts had been expanded to 8,500 people.
The company tells Reuters the new cuts will trim the workforce at Togliatti to about 53,000 by the end of the year from 65,900 at the end of 2013.
Last year AvtoVAZ posted a 6.9 billion-ruble (€140 million) loss. Revenue dropped 4% to 175 billion rubles (€3.6 billion), and unit sales plunged 19% to 481,000 units. Lada sales in the first four months of 2014 slumped 15%.
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