Avtovaz to increase production of cars in 2025 if demand grows

Business & Economy December 04, 15:44

The company has the required capacities, staff and other resources for that, Avtovaz President Maksim Sokolov said

MOSCOW, December 4. /TASS/. Avtovaz confirms its readiness to meet the production plan for 2025 of 500,000 cars, whereas if demand grows it may boost the approved volumes, President of the company Maksim Sokolov told reporters.

"Avtovaz confirms its readiness to meet the production plan for 2025 [500,000 cars]. The company has the required capacities, staff and other resources for that," he said.

However, the key rate hike and the tightening of credit conditions have made car loans almost unavailable for citizens, while cars are mainly sold on credit in Russia, the head of the company noted.

"Avtovaz is ready to work day and night to meet the approved plan. But, of course, we will monitor the market very closely. If macroeconomic factors worsen and the demand keeps declining, we will be obliged to adjust our plans to prevent surplus production. Whereas if the market demand grows we will turn to the board of directors initiating an increase in approved volumes," Sokolov explained.

Read more on the site →