AvtoVAZ is planning a EUR4bn (US$5.2bn) investment programme by 2020 to modernize the recently acquired IzhAvto car plant and boost its annual output to 300,000 cars.
Company president Igor Komarov said that the most part of investment would be spent in the next three years adding that AvtoVAZ has already opened credit lines with Sberbank and VTB Bank.
Komarov has also previously said the production of Lada, Nissan and Renault cars in Russia would amount to about 1.5m by 2017.
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He said: “The investment progra that we have prepared requires EUR4bn investment.We will finance most of it ourselves. We also expect shareholders’ contribution, and around EUR1.5bn (US$2bn) should be borrowed from the banks.
Next summer AvtoVAZ plans to launch Lada Granta production at IzhAvto, later adding Nissan and Renault production to the plant’s output.
