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AvtoVAZ Job Cuts Rise to 8,500
Lada-maker OAO AvtoVAZ hopes to match last year's production level at its factory in Tolyatti, Russia, in spite of firing 8,500 workers because of slow sales, The Moscow Times reports.
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Lada-maker OAO AvtoVAZ hopes to match last year's production level at its factory in Tolyatti, Russia, in spite of firing 8,500 workers because of slow sales, The Moscow Times reports.
The Moscow Times cites comments by Samara Gov. Nikolai Merkushkin to President Vladimir Putin earlier this week.
In January the Russian carmaker said it would eliminate 7,500 jobs because of slumping demand caused by uncertain economic conditions. The crisis in Ukraine, which has further shaken the country's economy, apparently has hiked the cuts by 1,000.
Russia's auto market shrank 5% last year, and it fell another 4% in the first four months of 2014, according to Moscow-based Assn. of European Businesses. AvtoVAZ's sales dropped 15% in January-April.
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