Avtovaz to nearly double investment program to 40 bln rubles in 2023 - CEO

ST. PETERSBURG. Nov 30 (Interfax) - Avtovaz is planning to almost double its investment program to 40 billion rubles in 2023, the Russian carmaker's CEO, Maxim Sokolov said.

"Avtovaz's investment program for next year, if everything is normal in terms of sales and revenue from vehicles sold, is being planned at approximately slightly less than 40 billion rubles. This is a serious signal for the market and all our partners," Sokolov said at the Russian Industrialist forum.

Speaking to reporters, he said that Avtovaz will nearly double investment next year compared to 2022, channeling it into development of the Lada model line based on the CMF-B platform, development of the Vesta platform, as well as relaunching production of the Vesta and Largus models.