Report: Nissan to buy 4% of Russia’s AvtoVAZ

Nissan

According to Russia’s biggest carmaker, AvtoVAZ, Nissan will buy a 4 percent stake in the company from Russian state shareholder Russian Technologies by the end of 2011.

“We will sell them a 4 percent stake this year,” Russian Technologies CEO Sergei Chemezov said at an economic forum in St. Petersburg.

NIssan and Renault already own 25 percent of AvtoVAZ have been approved by the Russian government to take a controlling stake in Lada, which dominates car sales in Russia. Lada has a 24 percent market share in Russia.

– By: Omar Rana

Source: Automotive News