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Russia’s AvtoVAZ, Azia Avto to launch 2nd JV in 2016

September 29, 2014, 11:06 UTC+3 UST-KAMENOGORSK
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UST-KAMENOGORSK (Kazakhstan), September 29. /ITAR-TASS/. Russian car maker AvtoVAZ and Kazakhstan’s Azia Avto will launch a second joint venture in 2016, AvtoVAZ CEO Bo Andersson told reporters September 28.

The full amount of investments in the plant will amount to around 100 billion tenge ($550,000). AvtoVAZ is to contribute 25% to the sum. The projected capacity stands at 120,000 cars per year.

“We have been cooperating effectively for many years. This is a new step — to build a joint plant where we will produce new cars. AvtoVAZ will provide support in purchases. Lada Vesta will also be produced in Kazakhstan — we will give all our new products to the joint venture, Siberia and Kazakhstan will be the main markets. A half of all produced cars will be exported back to Russia, which is a unique condition for both companies,” Andersson said.

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