Mexican Media Brands
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).
#economics
Share
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.
RELATED CONTENT
-
Study: Border Tax, NAFTA Exit Would Hurt U.S.
The U.S. auto industry would lose at least 31,000 manufacturing jobs and 450,000 units of annual sales if the U.S. imposes 35% tariffs on cars from Mexico, as President-elect Donald Trump has vowed to do.
-
Global Car Market to Shrink for 2-3 Years
Global sales of light vehicles will decline year on year through at least 2021, predicts LMC Automotive at its annual outlook conference outside Detroit, Mich.
-
On Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future