AUTOMAKERS
<strong>Renault dumping AvtoVAZ</strong>
Renault SA plans to sell its majority stake in automaker AvtoVAZ to a Russian science institute, the French company said yesterday, adding that the deal includes a six-year option to buy back the stake. Renault said that its holding of nearly 67.69 percent in AvtoVAZ would be sold to the Russian central research and development automobile and engine institute NAMI. Its 100 percent shares in Renault Russia are to go to the city of Moscow. “Today, we have taken a difficult but necessary decision, and we are making a responsible choice towards our 45,000 employees in Russia,” Renault
French car maker Renault says it has reached an agreement to sell its Russian holdings, including its controlling interest in AvtoVAZ, the maker of Lada vehicles, due to Moscow's unprovoked war against Ukraine.
Renault sells Soviet-era icon Lada as it exits Russia, for now ktvz.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ktvz.com Daily Mail and Mail on Sunday newspapers.