TASS learned about the possible sale of Renault's stake in AvtoVAZ to a concern from China

An unnamed Chinese automaker may act as a buyer of Renault's stake in AvtoVAZ, TASS sources said. Earlier, Renault stopped production in Moscow,

French automaker Renault may sell its stake in AvtoVAZ to a Chinese company, TASS reports citing a government source.

“One of the Chinese automakers is being considered,” he said.

RBC sent requests to the press service of the Renault Group and the representative of Rostec.

Renault owns 68% of AvtoVAZ, the remaining 32% is owned by the state corporation Rostec.

Bloomberg learned about the possible transfer of Renault's stake in AvtoVAZ Business

In turn, the interlocutor of Gazeta.ru in AvtoVAZ spoke about the company's plans to sell its stake to the Russian side, among the most likely buyers he called Rostec and "structures of the Ministry of Industry and Trade." The interlocutor of the portal added that already in May, most of the foreigners among the management will be transferred to remote work, or they will leave the plant, these data were confirmed by two other interlocutors of Gazeta.ru.

According to an unnamed AvtoVAZ manager, quoted by the publication, some of the foreigners who worked at the enterprise have already left Tolyatti, some intend to do so within a few weeks, the company has no plans to return them back.

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At the end of February, Renault Group head Luca de Meo allowed the production stop at AvtoVAZ. He explained that this could lead to an unstable geopolitical situation due to what is happening in Ukraine.

On March 23, Renault announced the suspension of its production in Moscow. The company then separately indicated that "possible options" were being considered in relation to the stake in AvtoVAZ. “[Options are being evaluated] taking into account the current situation, acting responsibly towards its 45,000 employees in Russia,” Renault said.

A week later, on March 30, Bloomberg sources spoke of Renault exploring the possibility of transferring its stake in AvtoVAZ to a local investor as an option to exit the Russian market. At the same time, the interlocutors of the agency indicated that there was no talk of transferring the share to Rostec, since it is under international sanctions.

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Now the AvtoVAZ group is part of the Renault-Nissan-Mitsubishi alliance, its production facilities produce cars for four brands: Renault, Datsun, LADA and Nissan. AvtoVAZ has its own production facilities in Izhevsk and Tolyatti. The LADA brand, as stated on the automaker's website, occupies 20% of the passenger car market in Russia.

At the end of March, the Ministry of Industry and Trade allowed a number of foreign automakers to leave the Russian market. The head of the ministry, Denis Manutrov, then said that the department was in dialogue with all car manufacturers and foreign brands, with some of them an understanding was reached to continue working in Russia while maintaining production capacities. The minister explained that the stoppage of work by factories implies non-payment of taxes and degradation of production. “Perhaps we will have to say goodbye to someone, unfortunately, because we cannot wait forever,” Manturov said.

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