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AvtoVAZ Swings to a Loss
OAO AvtoVAZ, Russia's largest carmaker, says a slumping domestic market cut sales of its Lada sedans 19% to 481,000 units and reduced revenue 4% to 175 billion rubles (€3.6 billion) last year.
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OAO AvtoVAZ, Russia's largest carmaker, says a slumping domestic market cut sales of its Lada sedans 19% to 481,000 units and reduced revenue 4% to 175 billion rubles (€3.6 billion) last year.
The carmaker reports a loss of 6.9 billion rubles (€140 million) compared with a profit of 211 million rubles in 2012.
The Renault-Nissan alliance will take control of AvtoVAZ with a 74.5% stake this year. The group aims to revive the Russian manufacturer's product lineup with more stylish and technologically advanced cars.
AvtoVAZ also is now under the leadership of former General Motors Co. executive Bo Andersson, who successfully revived truckmaker OAO GAZ as CEO before taking the same job at AvtoVAZ at the end of last year.
Andersson promptly announced plans to eliminate 2,500 jobs as a cost-cutting move.
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