Due to the "Chevrolet Niva," AvtoVAZ plans to update the model line

Company "AvtoVAZ" intends to fully update the model range of cars by 2008. This was announced on Tuesday the chairman of the board of directors "AvtoVAZ" Vladimir Kadannikov, speaking at a conference of Adam Smith's "The Russian automotive sector." "We want to keep the leadership in Russia." AvtoVAZ "has a development strategy, which involves a complete change of lineup by 2008," - said Kadannikov. In particular, he said, since November of this year, will begin production of a new car "Kalina". In addition, "AvtoVAZ" is developing two new models of class C and D, said Kadannikov. He added that these two cars meet international standards for safety and the environment 2008-2009. According to the press service of "AvtoVAZ", new Class-D model will be presented at the Moscow International Motor Show in August. In turn, speaking at the conference vice president for strategy and corporate governance "AvtoVAZ" Mikhail Moskalev noted that updating the model range by 2008, requires financial support. Among one of the main sources of funding Moskalev called foreign direct investment, in particular the establishment of companies, "AvtoVAZ" and General Motors joint venture to produce car "Chevrolet-Niva". The representative of "AvtoVAZ" believes that this financing tool is very promising. According to him, the international index of confidence of foreign direct investors in Russia in 2003 increased substantially. Last year, Russia ranked eighth in the top ten most attractive countries. To finance their projects, "AvtoVAZ" is also attracting Russian and foreign loans of banks. Thus, according to Moskalev, last year the company obtained a loan of $ 240 million from Deutschebank. This loan allowed the project to finance the production car, "Kalina". The company, according to Moskalev, and to borrow on the domestic debt market. Already have been two bonds. Talking about plans to raise funds, Moskalev, said that in the future may sell a small stake "AvtoVAZ" portfolio investor. In addition, the company plans to issue so-called credit-linked notes of $ 100 million in the autumn of this year, which is the first step to Eurobond issue, which is slated for 2005, reported Moskalev. On it informs RIA "Novosti".