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Article: Russia's Putin warns Renault over AvtoVAZ
- Article from:
- AP Worldstream
- Article date:
- October 2, 2009
CopyrightCopyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
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Prime Minister Vladimir Putin warned Renault on Friday that if it does not do more to help Russia's troubled carmaker AvtoVAZ it could see its 25 percent stake in the company reduced.
Putin said the Russian government has protected Renault's interests by providing hundreds of millions of dollars in loans this year.
"Now either they continue participating in financing the company or we will need to agree with them on which stakes each party has," Putin told government ministers, the Interfax news agency reported.
AvtoVAZ, Russia's largest carmaker, which has been losing money for years, has seen demand for its Lada sedans fall sharply in 2009 due to the ...