AvtoVAZ says board approves 2024 investment plan at 40 bln rbl

MOSCOW, Dec 28 (PRIME) -- The board of directors of Russian car producer AvtoVAZ has approved a more than 40 billion ruble investment program for 2024, Chairman of the Board Denis Manturov said on Thursday.

"We are looking into the future with optimism these days, we have developed algorithms of local production of the components, we see revival of the Russian component industry thanks to effective measures of state support, while our highly professional team is ready for any challenges," CEO of AvtoVAZ Maxim Sokolov said.

According to Manturov, the production plan for 2024 was approved at 500,000 cars after making more than 374,000 cars in 2023. The Industry and Trade Ministry issued a statement saying that the 2023 output hit a 10-year record.

The board approved a strategy until 2030, under which it plans to produce 12 new models in various segments.

(91.7051 rubles – U.S. $1)

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