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Renault-Nissan take control of Lada maker

Thursday, May 03, 2012 - 01:31

May 3 - Renault-Nissan has taken a majority stake in Russian automaker Avtovaz, which owns the iconic Lada brand. Andrew Potter reports

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Russian president-elect Vladimir Putin opens a half-billion dollar car assembly plant belonging to Russia's largest car maker Avtovaz. Control of that company is now in the hands of a Renault-Nissan. The French and Japanese auto alliance has agreed to a joint venture with state-owned Russia Technologies, which will see it take a majority stake in Avtovaz in a deal taking effect in 2014. Carlos Ghosn is chairman and CEO of Renault-Nissan. SOUNDBITE: CARLOS GHOSN, RENAULT-NISSAN CHAIRMAN AND CEO, SAYING (English): "This is the next logical step for what we have done already in Russia. First considering Russia as one of the strategic and priority markets for Renault and for Nissan and second aligning and partnering with the most important car manufacturer in Russia. Avtovaz is best known for making Russia's most famous automotive brand, the Lada. The agreement could to see cars carrying the Renault and Nissan badge also being built at the new Avtovaz factory in Togliatti, in Russia's south west. It's hoped as many as 1.6 million cars could be built there each year, making it one of the world's busiest plants. Between them Renault and Nissan plan to pour $750 million into the joint venture in the next two years. Andrew Potter, Reuters

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Renault-Nissan take control of Lada maker

Thursday, May 03, 2012 - 01:31