AvtoVAZ plans to produce some 1.3 million cars by 2012

AvtoVAZ plans to produce some 1.3 million cars by 2012

AvtoVAZ plans to increase production from the present 771,600 cars a year to almost 1.3 million vehicles annually by 2012, a spokesman for Russia's largest carmaker said on Tuesday.

"The plant's development program envisages increasing the output of Lada cars to 1.275 million vehicles by 2012," the company said.

Last year AvtoVAZ earned 2.512 billion rubles ($102 million) of net profit, up 79.4% against 2005, with 152.4 billion rubles ($6.2 billion) worth of revenues. The company expects to receive 166 billion rubles ($6.7 billion) in revenues this year.

Russian arms export monopoly Rosoboronexport and the Troika Dialog investment company, which together hold a 75% stake in AvtoVAZ, signed on December 8 a tripartite memorandum of understanding with Renault to sign a contract for the sale of a 25% blocking stake in AvtoVAZ to the French giant.

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