The Ministry of Industry and Trade of the Russian Federation will provide support to AvtoVAZ in reducing its debt burden. In this respect reports TASS cited Deputy Prime Minister and head of department Denis Manturov. He noted that the company’s debt accounts increased due to the launch of new models and the need to provide working capital and production.
AvtoVAZ had to support its component suppliers so that they could increase their capacity and prepare their production for increased volumes. We are also considering providing them with support to reduce their debt burden, but we have not yet found a final solution,” Manturov said.
It happened before that knownAvtoVAZ’s sales in Russia almost doubled in 2023, reaching 352.5 thousand vehicles.
The automobile manufacturer sold 188.6 thousand cars by the end of 2022, almost doubling its sales increase. AvtoVAZ’s share in the Russian market in 2023 was 35%.
Also the board of directors of AvtoVAZ approved Company development strategy until 2030. Within this framework, the company will launch 12 new car models.
Previously reportedIt was announced that AvtoVAZ employees will be paid bonuses of 14 thousand rubles at the end of the year.