JV "GM-AvtoVAZ" has increased production by 7.8 times

JV "GM-AvtoVAZ" in I quarter of 2004. increased production by 7.8 times compared with the same period in 2003. - 9.5 thousand vehicles, told RBC in the marketing department of the enterprise. According to the company, this corresponds to the production plan of the company for that period. Such a sharp increase in sales due to the fact that in January 2003. the company has organized a full-scale production. Earlier JV "GM-AvtoVAZ" has reduced the production plan for 2004. from 60 thousand to 55 thousand cars 150 cars. In the present volume of production is a pilot batch of 456 cars Chevrolet Viva. JV "GM-AvtoVAZ" in 2002. produced 456 cars Chevrolet-Niva, following the annual operating plan. By 2005. production should reach 75 thousand cars per year. Joint Venture was formed as a result of cooperation between General Motors, "AvtoVAZ" (ticker: AVAZ) and the EBRD. Total project cost - 332 million - represents the largest single foreign investment in the Russian automotive industry. Under the agreement, GM and "AvtoVAZ" is owned by 41.5% stake, the EBRD - 17%.