AvtoVAZ board of directors approves 40 bln rbl investment for 2023

IZHEVSK, Dec 27 (PRIME) -- The board of directors of Russia’s largest carmaker AvtoVAZ has approved the company’s investment program for 2023 at slightly below 40 billion rubles, President Maxim Sokolov told PRIME on Tuesday.

When asked whether the board had approved an almost 40 billion ruble investment program for 2023, he said, “Yes, they have approved it.”

He also told reporters that AvtoVAZ plans to start production of at least three new Lada models at the former Nissan plant in St. Petersburg after the relaunch of the plant’s production lines that should happen in July–December 2023. But the car output of the plant will depend on the amount of partners with which AvtoVAZ would be able to negotiate assembly.

“It will possibly be more than one Chinese producer. We will use it to balance the model line that we will produce using the capacities of Nissan, and to balance demand,” Sokolov said.

In total, the carmaker plans to assemble up to 10,000 new Lada cars at the former Nissan plant in 2023, and wants to make Lada cars there that are slightly more expensive than the main model line of AvtoVAZ so that there is no competition between models, he said.

He also said that the growth of prices for Lada cars in 2023 would be significantly lower than the forecasted inflation. “For now we plan the price growth below inflation … significantly lower than the inflation forecasts,” he said.

(68.4478 rubles – U.S. $1)

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