Bank Of Baku

Russia’s key automaker posts 38% sales drop

Russia’s key automaker posts 38% sales drop
# 04 February 2009 09:57 (UTC +04:00)
Baku. Nijat Mustafayev – APA-Economics. Russian auto maker OAO AvtoVAZ said Tuesday its sales fell by 38% in January on a 12-month basis because of sliding consumer confidence in the face of the global financial crisis.
The group, 25% owned by French peer Renault (13190.FR), sold 29,000 vehicles, compared with 46,500 in January 2008, according to a statement by AvtoVAZ quoted by Russian news agency Interfax.
AvtoVAZ restarted its production on Monday after suspending it for the whole of January because of the economic and financial crisis.
In previous years, AvtoVAZ suspended its production for only 10 days at the beginning of January to mark the festive period.
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