Close
Log in
Please enter your login details

Skip to main content

Breaking News
  • Seven people were killed and 20 others kidnapped by suspected Boko Haram militants in a raid on a village near Cameroon’s northern border
  • Jean-Marie Le Pen has been called before the disciplinary panel of the Front National on August 20
  • Russia has made an official submisison to the United Nations claiming ownership of one million square kilometres in the Artic
  • Two people died and three injured in shootings that started at an after party for OVO Fest in Toronto, Canada
  • Turkey’s Nationalist MHP Party says it would support an AK Party minority government if it agrees to a snap election in November – Semih Yalcin
Facebook Twitter Google+ Reddit
Renault seals deal with Lada maker

Renault-Nissan has finalised a long-awaited deal to take control of Russia’s AvtoVAZ – best known for its Lada models.

That builds on a partnership which started four years ago.

The French-Japanese group is looking to win sales from rivals in Russia’s growing middle class car buying market.

Chief executive Carlos Ghosn predicted they would have 40 percent of Russia’s market by 2016, up from 30 percent currently.

Russia’s car market has been growing rapidly, supported by a rise in disposable incomes. The country’s middle class has increased from one million in 1999 to between 15 and 30 million, according to recent research by Sberbank.

Car sales in Russia grew 40 percent last year to more than 2.6 million vehicles, recovering most of the ground lost after halving in the post credit-crunch slump of 2009.

While sales growth has been flattening out, overall sales for the year look set to reach around 2.9 million and Ghosn expects yearly sales to reach four million at some point in the 2020s.

More about: