Renault, AvtoVAZ to Start Building Cars Together in 2012
Russian Prime Minister Vladimir Putin called for support from Renault, who holds a 25 percent stake in AvtoVAZ. After several rounds of negotiations, the French carmaker agreed to help the Russian company, but only in the form of technology. Russia, however, might provide the needed funds to the ailing carmaker.
"They confirm that they are ready in invest in AvtoVAZ's development and provide the most advanced technologies, which will be evaluated in the most transparent way," First Deputy Prime Minister Igor Shuvalov told reporters last week. "The most important thing is that Renault has confirmed strategic interest in the development of Avtovaz. Renault is ready to invest in Avotvaz," he added.
"Our main desire is to remain your partners. I think that all decisions taken by AvtoVAZ are very painful but necessary. You can rely on Renault. We feel socially responsible and that goes for AvtoVAZ's business plan too," he said after a meeting with Renault Senior Vice President Christian Esteve. "We will work out a new model line for AvtoVAZ. For that we need good parts suppliers."
Renault, Nissan and AvtoVAZ will debut the first models based on the joint platform in 2012, but the French carmaker might also roll out a new model especially addressed to the Russian market.