The debt load of the Russian automaker AvtoVAZ is over 100 billion rubles, said the head of the company Maxim Sokolov on the air of the Rossiya-24 TV channel. According to him, the automaker is trying to minimize it.
“It is rather high (debt burden. – Note TASS), it is more than 100 billion rubles, of course, it is of a floating nature, since some credit lines are closed, some are opened again. <...> Therefore, we are striving to minimize it and hope that, perhaps, mechanisms will be adopted that can support,” Sokolov said (cited by TASS).
On February 7, the press service of the automaker reported that AvtoVAZ closed the deal to buy the former Nissan plant in St. Petersburg. The deal was previously approved by the Russian government.
Sokolov confirmed plans to launch the production of Lada cars at this plant. According to him, the assembly will begin in the second half of this year. The production volume in 2023 will be up to 10,000 vehicles, in the future it can be increased. By 2024-2027 it is planned to localize the production of cars.
AvtoVAZ owns production sites in Togliatti and Izhevsk. On October 11, the Ministry of Industry and Trade announced the transfer of 100% of Nissan’s assets in Russia to Nissan Manufacturing Rus, including a plant in St. Petersburg, subordinated to the Ministry of Industry and Trade, the Research Automobile and Automotive Institute (NAMI). It was clarified that AvtoVAZ would deal with the after-sales service of cars and the supply of spare parts. At the end of November, the plant became the property of NAMI.