Russia’s GM-AvtoVAZ needs 10.8 bln rbl to make Chevrolet Niva New

SAMARA, Feb 25 (PRIME) -- GM-AvtoVAZ, a joint venture between top Russian car maker AvtoVAZ and U.S. General Motors, needs funding of about 10.8 billion rubles to launch production of Chevrolet Niva New cars, the industry ministry of the Samara Region, where the plant is located, said in a statement on Thursday.

“GM-AvtoVAZ will implement the Chevrolet Niva New project further. In order to complete the project, we need investment of about 10.8 billion rubles now,” it said.

The ministry also plans to render assistance to the company for production of Lada Vesta Cross and Lada Xray Cross.

GM-AvtoVAZ halted the construction of a production site in the city of Tolyatti, which was expected to make Chevrolet Niva updated models, because of economic difficulties. The joint venture planned to launch production in early 2016.

(76.3928 rubles – U.S. $1)

End