Avtovaz plans to spend RUB100bn (US$2.62bn) modernising technology and updating its model range in the next three years, OAO Avtovaz president Bo Andersson told a business forum.

Andersson said: “We will invest about RUB100bn in modernising our equipment and development of new products. In this case, we rely on suppliers operating in Russia. Today Lada cars are localised at 81%, Renault and Nissan, produced by Avtovaz, localised at 51%. Our future bestseller, the Lada Vesta, in the first phase of production will be localised at 75%.”

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He thanked the Russian and Samara region governments for the support they hadgiven to the automotive industry.

Andersson also noted that, in 2014 alone, Avtovaz spent RUB30bn in Samara on automotive components.

“Today Lada has 15.7% of the Russian market, but in the segment up to RUB600,000, we have 37%. “We have the technical capability to make 1m cars in Togliatti – and we achieve this performance.”

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