AvtoVAZ to set up Lada joint venture with Kazakhstan
ALMATY. Sept 29 (Interfax-Kazakhstan) - AvtoVAZ is creating a joint venture together with Kazakhstan that will begin operating in 2016, AvtoVAZ's press service said.
Kazakhstan will invest 75% of needed funds, while AvtoVAZ will finance 25%, according to a statement.
"In 2016 we will build a joint venture in Kazakhstan to produce Lada cars, including the Lada Vesta. I would like to note that half of the assembled cars will be exported back to Russia, mainly to the region of Siberia," AvtoVAZ CEO Bo Andersson said.
There are 3 million LADA cars currently on the roads in Kazakhstan, according to AvtoVAZ.
JSC Azia Avto, created in 2002, is Kazakhstan's largest carmaker. Among the company's partners are Volkswagen Group, General Motors, Renault-Nissan-AvtoVAZ and KIA Motors.