AvtoVAZ to optimize production, introduce shorter work-weeks
MOSCOW. Nov 30 (Interfax) - The AvotVAZ board of directors discussed a number of measures aimed at increasing company profitability, supporting social stability and supporting the workforce.
AvtoVAZ's statement for the implementation of medium-term objectives included reaching 20% of the market share, 6% operational profits and a free positive money flow should be provided for by stimulating sales on the domestic and export markets, as well as the introduction of new products with the help of a new and improved portfolio of current models.
The board also discussed projected results of AvtoVAZ operations in 2015, "which the situation on the Russian and CIS automobile market negatively influenced (continuing market decline of 34% and a 30% reduction in LADA sales in the first ten months of 2015)".
The AvtoVAZ board of directors made the decision to continue work on the 2016 budget adding additional measures to it which are aimed at increasing the company's profitability, supporting social stability and supporting the workforce, the company said in a statement.
The board also focused attention on the main directions for company improvement and its adaptation to the current market conditions. Such measures include the optimization of the company production lines, social programs to support voluntary retirement, periodic introduction of special operating conditions (for example, 4-day week, social work) and so on."