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Russia: AvtoVAZ reports loss for 2013

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Russia: AvtoVAZ reports loss for 2013

While a few years ago the Russian auto market seemed poised to overshadow Germany as Europe’s biggest new car market, in 2013 things took a step back, as the overall economy slowed and the country’s auto market also took a fall.

AvtoVAZ, owner of the known Lada, which is Russia’s biggest selling brand, took a hit in 2013, reporting a full year loss of 6.9 billion rubles ($196 million). As sales of the car brand Lada slumped 19% to 481,000 cars, revenue also took a 4% dive to 175 billion rubles, while the 2013 loss compares to a 2012 profit of 211 million rubles.

AvtoVAZ is going to be controlled by the Renault-Nissan alliance somewhere this year and the new owner plans to bring the rather rudimental (by European standards) Lada upmarket, in a strive to win more of the market share.

The Russian automaker already has a new CEO, its first of non-Russian origin, Bo Andersson, which already announced plans to reduce the workforce by 2,500 to start cutting down the costs.

Via Automotive News Europe

by Aurel Niculescu (my Google+) - Wednesday, February 19th, 2014 - filed under Industry, News. Image credit: .
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