AvtoVAZ Downsizes Operations

Russia's largest carmaker, AvtoVAZ, is to reduce its working hours in June. The decision follows a 54% year-on-year (y-o-y) fall in its revenues to RUB16.99bn (US$530mn) in Q109. According to estimates from the Association of European Business (AEB), sales of new cars and light commercial vehicles (LCVs) declined by nearly 39% y-o-y to 88,720 units in

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