# Board of Russia’s AvtoVAZ approves $585 million in 2023 investment programme – RIA agency
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-12-27
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: AvtoVAZ Board Approves 2023 Investment Programme - $585M Roubles
Meta Description: AvtoVAZ's board has approved a 2023 investment programme worth nearly 40 billion roubles ($585 million). Find out more about the latest updates from
URL: https://financedigest.com/board-of-russias-avtovaz-approves-585-million-in-2023-investment-programme-ria-agencyhtml

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(Reuters) – The board of directors of Russian top carmaker AvtoVAZ approved the firm’s 2023 investment programme for just under 40 billion roubles ($585 million), Russia’s state news agency RIA reported late on Monday.

“Yes, it has been approved,” RIA quoted AvtoVAZ president Maxim Sokolov as saying.

Renault sold its majority stake in Avtovaz to the Russian state for reportedly just one rouble ($0.0165) earlier this year, but with a six-year option to buy it back. The same [state institution snapped up Nissan’s assets this month](https://www.financedigest.com/inflation-in-key-german-states-eases-for-second-month.html "Inflation in key German states eases for second month") for one euro.

In the [months following the start of the Russian](https://www.financedigest.com/russian-services-activity-shrinks-for-third-month-running-in-dec-pmi.html "Russian services activity shrinks for third month running in Dec -PMI") invasion in Ukraine in February, AvtoVAZ has cut production and was offering some workers voluntary redundancy due to lack of components.

Earlier in December, Russia’s [Ministry of Industry and Trade of the Russian Federation reported](https://www.financedigest.com/german-economy-expected-to-skirt-recession-economy-ministry-report.html "German economy expected to skirt recession – economy ministry report") that the board of directors of AvtoVAZ approved the company’s production plan for 2023 at the level of 401,000 vehicles, RIA said.

By Dec. 6, the carmaker had produced 200,000 vehicles this year, according to a statement published on the [website of the company’s Lada model](https://www.financedigest.com/new-charitable-commission-sharing-model-is-for-lifeprice-comparison-website-launch-bolstered-by-innovative-approach.html "New charitable commission-sharing model is for lifePrice comparison website launch bolstered by innovative approach").

($1 = 68.3500 roubles)

(Reporting in Melbourne by Lidia Kelly; Editing by Christopher Cushing)


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