Itar-Tass cited Mr Christian Esteve leader of the Renault Eurasia Region Management Committee and Avtoframos General Manager as saying that Renault has no intention to sell the blocking stake in AvtoVAZ despite the Russian car industry crisis.

He said Renault paid USD 1 billion in February 2008 for the right to come to the Russian market and the company was determined to develop its Russian asset. He added that “We do not want the Lada brand to vanish, no matter what some may say. On the contrary, we want to present this brand in the modern and appealing style. We are transferring technologies to AvtoVAZ. I am sure that the company will start producing quality Russian automobiles.”

(Sourced from Itar-Tass)