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17 Dec 2007

Renault becomes the strategic partner of AvtoVAZ

Sergey Chemezov, Head of Russian Technologies, Chairman of the Board of AvtoVAZ, Serguei Skvortsov, President of Troika Capital Partners and Carlos Ghosn, President and CEO of Renault signed on December 8, 2007 a Memorandum of Understanding (MOU) in Togliatti, Russia.

This partnership would allow AvtoVAZ and Renault to:

  • Accelerate the development of AvtoVAZ, renew and expand its vehicle range
  • Grow the Lada brand while respecting its identity, in order to maintain its leadership
  • Share technological expertise and know-how

Russian Technologies, currently representing the main shareholder of AvtoVAZ, would keep an interest in AvtoVAZ’s capital and ensure continuous support from the Russian State. Russian Technologies and Renault would become equal shareholders of AvtoVAZ in the spirit of a long-term partnership. Once the capital of AvtoVAZ has been restructured in the first half of 2008, a holding equally owned by Russian Technologies and Renault would control a total of 50% of the shares of the company (AvtoVAZ). Renault would become a significant AvtoVAZ shareholder.

AvtoVAZ and Renault would share know-how and technology particularly in relation to manufacturing and marketing and with the aim of improving the attractiveness, competitiveness and overall quality of AvtoVAZ’s products. They would also exchange executive managers in various fields of expertise in order to optimise integration and boost the transformation of AvtoVAZ into a global automotive player with a capacity of well over 1 million vehicles per year.

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