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September 2, 2009

RUSSIA: New AvtoVAZ chief eyes losses

The newly appointed president of Russia’s largest carmaker AvtoVAZ, Igor Komarov, has said that the company’s main task was to avoid operating losses.

The newly appointed president of Russia’s largest carmaker AvtoVAZ, Igor Komarov, has said that the company’s main task was to avoid operating losses.

AvtoVAZ has developed an anti-crisis plan, which is currently under consideration by federal and regional governments, Komarov said without providing details.

He added that the carmaker’s current debt to banks amounted to 42 billion rubles.

Inventory currently was 58,000 units, down from 83,000as of early August, giving the company additional funds. AvtoVAZ did operate during the entire month of August.

The automaker now plans to focus on the production of cars that are in greater consumer demand, Komarov said.

New executive vice president Vitaly Valchik would be in charge of a new model range as well as production and technical development in general, Komarov said. In addition, Sergei Kogogin, CEO of Russia’s largest truck maker Kamaz, may join AvtoVAZ’s board of directors, Komarov said.

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