The Renault plant in Moscow will produce passenger vehicles under the historic Moskvich brand.
The Russian assets of the Renault group, including part of the French concern AvtoVAZ and the Moscow-based vehicle plant CJSC Renault Russia, will become state-owned. This was announced by the Ministry of Industry and Trade of the Russian Federation on Monday, May 16.
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“The signed agreements provide for the transfer of parts of Renault Russia to the city of Moscow and shares of Avtovaz in the state represented by FSUE NAMI, which is under the Ministry of Industry and Trade of Russia. As a result of the transactions , the shares in the assets will be distributed as follows: 100% of the shares of CJSC Renault Russia will be owned by the Moscow government.67.69% of the shares of the automaker AvtoVAZ will be owned by the Russian Federation which represented by FSUE NAMI. The remaining components of AvtoVAZ will be retained by Rostec, “the statement said.
At the same time, AvtoVAZ will continue to build the entire line of Lada cars in factories. The manufacturer will also perform maintenance service of Renault cars in the Russian market.
The Ministry of Industry and Trade said the condition of the deal was an option for Renault to repurchase its stake in AvtoVAZ over the next six years.
“The transfer of a part of the Renault team to the state will ensure the maintenance of AvtoVAZ’s management and the possibility of continuing to operate the business under sanctions restrictions. In this way, we will be able to retain key capabilities, the production cycle and jobs, ”said Denis Manturov, head of the Ministry of Industry and Trade of the Russian Federation.
In turn, Moscow Mayor Sergei Sobyanin said that the Renault plant will produce cars under the historic Moskvich brand.
“The foreign owner decided to close the Renault Moscow plant. He was right about it, but we could not allow many thousands of labor collectives to be left without work. Therefore, I decided to bring the plant to the balance of the city and resume the manufacture of cars under the historic Moskvich brand, ”the mayor’s blog wrote.
He added that the authorities will try to keep most of the staff working directly at the plant and with its subcontractors.
“In the first stage, the manufacture of classic cars with internal combustion engines will be organized, and in the future, electric vehicles. In addition, together with Kamaz and the Russian Ministry of Industry and Trade, we are working to localize the production of the maximum number of automobile parts in Russia, “said Sobyanin and promised that in In 2022, a new page in the history of Moskvich will be opened.
Recall that on March 23, the French concern Renault announced the termination of the plant in Moscow. The company took this step in compliance with European sanctions against the Russian Federation due to the war against Ukraine.
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Source: korrespondent
