Tomorrow will see the opening of a joint car assembly plant owned by the Volga Automobile Plant (AvtoVAZ) and the Egyptian firm Amal Foreign Trade Co.. The AvtoVAZ press service announced that the Lada-Egypt factory will assemble VAZ-2107 cars from parts supplied by the Volga Automobile Plant.
The first shipment of VAZ-2107 parts was sent from Tolyatti to Egypt in February 2002. In 2002 1, 488 complete sets of parts with petrol engines, which have been ordered by AvtoVAZ's Egyptian partners, are planned to be shipped. In the future, once VAZ models have been modernized, the number of sets of parts to be shipped to Egypt will increase to 5,000 per year.
The contract between AvtoVAZ and Amal Foreign Trade Co. to supply VAZ-2107 car parts for assembly in Egypt was signed in May 2001. It is expected that cars assembled by Lada-Egypt will be sold not only in Egypt, but in other African countries.
The Volga Automobile Plant, one of Russia's largest car manufacturers, was founded in 1970. AvtoVAZ's capital totals USD 509,302,088 (16,062,482,000 roubles), which is divided into 27,194,624 ordinary shares and 4,930,340 preferred shares with a value of USD 15.85 (500 roubles). The company's main shareholders are the All-Russian Automobile Alliance (32.35% of shares) and the Central Branch of the Automobile Finance Corporation (19.86% of shares). The number of cars manufactured in 2001 was 767,300, which was 8.8% higher than in 2000.
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