AvtoVAZ to Renault to sell for $ 1

Company “AvtoVAZ” should be sold to a French concern Renault for $ 1, said head of the company autodealer “Rolf” Sergei Petrov.

“He who makes the Lada, Renault to sell for $ 1. Such a sale would be a blessing. The old factories in eastern Germany were sold for one mark - why plants in Russia should be worth billions?”, - Said Sergei Petrov.

AvtoVAZ, Russia’s largest automaker, has received more than 1 billion of state aid. In 2009 the company produced approximately 300 thousand cars and Lada as compared with 920 thousand in 2008.

At the same time, according to Petrov, the arrival of foreign investors does not necessarily lead to the reform of Russia’s automobile industry, reports Reuters.

25 January 2010

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