Source Pravda.Ru

AvtoVAZ lowers output by 14% over first six months of 2003

AvtoVAZ produced only 321 thousand cars over the first six months of 2003, a year-on-year decrease of 13.9%. As the company press office announced on August 15, 43.95 thousand cars were exported, a rise of 15.6% year-on-year. Total sales over this period came to USD 1.66 billion, a year-on-year increase of 2.7%. Net profit came to USD 49 million.

AvtoVAZ (Samara Region) was founded in 1970. The company's authorised capital stock is USD 530 million. 702.9 thousand cars were produced in 2002, 8.4% less than the previous year, and net profit came to only USD 23.1 million, three times lower than in 2001.

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