The French automaker Renault-Nissan will take a majority stake in Russian automaker AvtoVAZ in the coming month, French newspaper LaTribune.fr reported said.
“The agreement has been delayed due to the elections in Russia. But it is a matter of weeks,” Ancelin said.
“The Renault-Nissan alliance will take 50 percent and one share in AvtoVAZ.”
According to its product-planning chief, Renault may seek to make use of AvtoVAZ’s facilities to develop vehicles for the Russian market. In addition Nissan Chief Performance Officer Colin Dodge said at the Geneva Motor Show that the Yokohama-based carmaker (Nissan) will add three models built in Russia.
Carlos Ghosn, the head of Renault in the interview to the France’s Le Parisien said, that “he will personally keep an eye on the successful partnership development with AvtoVAZ that should become Renault’s branch office in Russia”.
Renault said it had sold a record 2.72 million vehicles last year, with particular growth in its low-cost entry-level cars, marketed under the Dacia brand in Europe.
Renault already owns 25 percent plus one share of AvtoVAZ.