AvtoVAZ, Russia’s largest carmaker 25% owned by Renault, reported that first-half revenues rose 46.1% thanks largely to Moscow’s ‘cash for clunkers’ programme launched in early March.
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Revenues rose to RUB58.7bn (US$1.9bn) while gross profit was RUB1.3bn versus a loss of RUB1.76bn in the first half of 2009. The sales loss narrowed to RUB664m from RUB3.697bn.
Under Moscow’s scrappage scheme, owners of cars produced before 2000 can receive incentives worth RUB50,000 rubles (US$1,600) to buy new Russian-made cars in exchange for recycling their old cars.
