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12/9/2019, 2:37 PM (Source: TeleTrader)
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GM sells stake in Russian JV with Avtovaz

American carmaker General Motors sold its 50% stake in its Russian joint venture (JV) to Avtovaz, the Russian company announced on Monday.

Following the transaction, Avtovaz will become the sole owner of the JV, which will become an affiliate to Avtovaz G. The JV's plant in Togliatti will continue making Niva vehicles under the Chevrolet brand for a "certain time period," after which they will be "rebadged" to Lada. The financial details of the deal were not disclosed.

"I’m thankful to our GM partners for over 18 years of fruitful cooperation. Within the agreement Avtovaz is getting the second off-roader in the product range, that will organically supplement the legendary 4x4 and support Avtovaz future development," Avtovaz CEO Yves Caracatzanis stated.

Breaking the News / NP