Russia's Avtovaz to increase car production to 500,000 in 2024
investing.comMOSCOW (Reuters) — Russia's state-run carmaker Avtovaz said on Thursday it plans to increase production of its Lada-brand cars to 500,000 next year after targets for 2023 were hit by U.S. sanctions.
In 2023 Avtovaz, the largest Russian carmaker, expects to produce more than 374,000 Lada cars, the company said. The figure is in line with a reduced forecast given in November.
The United States in September imposed new sanctions targeting Russia's industrial base, maritime sector and technology suppliers, as well as facilities producing and repairing Russian weapons systems. Avtovaz was among those targeted.
In November, Avtovaz said it had lowered its production forecast for Ladas, its only car brand, to about 10% less than the 400,000 previously estimated due to the sanctions.
The Russia market overall for cars and light commercial vehicles is expected to reach 1 million vehicles this year, Avtovaz said in September, raising its forecast of 875,000 made in June.
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