Stock Market News
Russia’s Avtovaz plans to resume production of Lada Granta from June 8
2022.06.03 12:35
A Lada Granta car is displayed at the 2018 Moscow International Auto Salon in Moscow, Russia August 29, 2018. REUTERS/Maxim Shemetov
(Reuters) – Russia’s top carmaker Avtovaz said on Friday it would resume production of its best-selling Lada Granta model from June 8, after partially halting production in March due to a shortage of electronic parts because of Western sanctions on Moscow.
French auto giant Renault (EPA:RENA) struck a deal in May to sell its majority stake in Avtovaz to a Russian science institute, reportedly for the symbolic sum of just one rouble, with a six-year option to buy it back.
