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AvtoVAZ Trims Losses
A rebounding car market in Russia helped industry leader OAO AvtoVAZ shrink its net loss last year by 78% to 9.7 billion rubles ($172 million).
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A rebounding car market in Russia helped industry leader OAO AvtoVAZ shrink its net loss last year by 78% to 9.7 billion rubles ($172 million).
Full-year revenue for the maker of Lada brand cars surged 22% to 225.6 billion rubles ($4 billion). Unit sales climbed 17% to 311,600 units.
Russia’s car market snapped a four-year slump last March and has been posting strong gains since then. By the end of 2017, sales had climbed 12% to 1.60 million units.
AvtoVAZ, which is controlled by the Renault-Nissan alliance, tells reporters it aims to increase sales by 10% this year.
Deliveries of cars and light trucks in Russia peaked at 2.53 million units in 2012, according to the Moscow-based Assn. of European Businesses. Volume in 2016 bottomed at 1.43 million units.
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