ST. PETERSBURG, June 5. /TASS/. Avtovaz plans to discontinue its Lada Granta car model in the next five years, company president Maxim Sokolov told reporters.

"We believe that this will happen on average over a five-year period, starting next year," Sokolov said.

Earlier on Wednesday, Avtovaz unveiled its new Lada Iskra model at the St. Petersburg International Economic Forum (SPIEF). The start of production of the new product is scheduled for early 2025. In the Avtovaz model range, the Iskra will be placed between the Lada Granta and the flagship Lada Vesta.

The St. Petersburg International Economic Forum (SPIEF) is held on June 5-8. This year’s theme will be "The Formation of New Areas of Growth as the Cornerstone of a Multipolar World." Scheduled events include meetings for small and medium-sized businesses, creative industries, the SPIEF Youth Day, as well as the Drug Security, SPIEF Academy and SPIEF Junior forums. SPIEF is organized by the Roscongress Foundation. TASS is the information partner of the event.