AvtoVAZ says has no plan to sell stake to Renault

TOLYATTI, Russia -- Russia's largest car maker AvtoVAZ said on Friday it had no intention of selling a stake to France's Renault but is ready for technological cooperation.

"We will not sell (a stake)," AvtoVAZ Chairman Vladimir Artyakov told reporters. Russian media reported earlier that Renault wanted a stake of 25 percent plus one share in AvtoVAZ to set up a joint venture that would produce 450,000 Logan cars a year in Russia.

"We are now considering technology cooperation," said Artyakov, who headed AvtoVAZ last December when Russia's state arms trader Rosoboronexport gained control over the plant in a move widely seen as a Kremlin grab of strategic assets.

Renault already produces cars in Russia at its Avtoframos plant in Moscow.

The French car maker said last month it planned to strengthen its position on Russia's booming market and would boost its local output to 80,000 cars over a couple of years.

Renault expects its Russian output to exceed 60,000 cars by the end of this year.

0

Shares

ATTENTION COMMENTERS: Over the last few months, Automotive News has monitored a significant increase in the number of personal attacks and abusive comments on our site. We encourage our readers to voice their opinions and argue their points. We expect disagreement. We do not expect our readers to turn on each other. We will be aggressively deleting all comments that personally attack another poster, or an article author, even if the comment is otherwise a well-argued observation. If we see repeated behavior, we will ban the commenter. Please help us maintain a civil level of discourse.

Newsletters