MOSCOW, Feb 15 (PRIME) -- GM-AvtoVAZ, a joint venture of U.S. manufacturer General Motors and Russia’s largest carmaker AvtoVAZ, has suspended development of a new generation of Chevrolet Niva cars, a representative of the company told PRIME on Thursday.
“Currently, we have suspended works on the project for new generation of Chevrolet Niva due to several objective reasons. On request of one of the shareholders, the GM-AvotVAZ company has adjusted its business plan. Shareholders are yet to make a final decision about the project’s support,” the person said.
Initially, the company planned to launch production of new Chevrolet Niva cars in early 2017, but GM-AvtoVAZ suspended construction of a plant near the city of Togliatti in March 2015. The plant was to produce up to 120,000 new cars per year. In early 2016, the government of the Samara Region reached an agreement to open a credit line for the company, but owners of GM-AvtoVAZ did not provide any guarantees, and the company did not take out the credit.
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