RUSSIA: AvtoVAZ needs to spend $US130 million to launch new model
Russia's largest car manufacturer AvtoVAZ has to invest $US130 million before it is able to launch mass production of its new Lada Priora car, the company told Prime-Tass.
AvtoVAZ has already invested $2.2 million in the project, the company said.
AvtoVAZ also said that it planned to launch production of Lada Prioras in 2006 with annual output to total 570 units in 2006 and 235,000 units by 2009.
AvtoVAZ invested about $600 million to start mass production of its Kalina model, the company said. The figure included building some production facilities from scratch.
The Priora is to begin phasing out the 110 model starting in 2006, the company said.