Russian car company producing Lada announces major investments

(Patria) - The management board of Russia's largest car manufacturer AvtoVAZ has approved the company's investment program for 2023 in the amount of 585 million dollars, the Russian state news agency RIA reported late on Monday.

"Yes, it has been approved," said AvtoVAZ President Maxim Sokolov, RIA quotes. Renault sold its majority stake in AvtoVAZ to the Russian state for just one ruble earlier this year, but with a six-year option to buy it back. The same state institution bought Nissan's assets for one euro this month.

In the months following the start of Russia's invasion of Ukraine in February, AvtoVAZ reduced production and offered some workers voluntary redundancy due to a shortage of components for assembling cars.

Earlier in December, the Ministry of Industry and Trade of the Russian Federation reported that the AvtoVAZ board of directors had approved the company's production plan for 2023 at the level of 401,000 vehicles, RIA reported.

As of December 6, the car manufacturer had produced 200,000 vehicles this year, according to a statement published on the website of the Lada model produced by this company.