Russia’s largest car maker AvtoVAZ produced 699,889 vehicles in 2003, down from 703,000 in 2002, according to Reuters.
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“AvtoVAZ’s fall in output was mainly the result of de-stocking, coming from the company’s overproduction in 2002,” Elena Sakhnova, an analyst at United Financial Group, wrote in a daily research note cited by the news agency on Wednesday.
AvtoVAZ, which makes Lada cars, exported 91,745 2003 production vehicles, a company spokesman told Reuters on Tuesday.
The report noted that AvtoVAZ, which has a separate joint venture with General Motors, had set a 690,000 vehicle output target for 2003.
Reuters said the figures show output at AvtoVAZ raced ahead in the second half after reaching only 320,872 in the first six months, 14% below the same period in 2002.
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