Renault’s stake in AvtoVAZ may be bought by a Chinese automaker

According to TASS, citing a source in government agencies, Renault’s stake in AvtoVAZ may be bought by one of the Chinese automobile concerns. Previously, it was said that the sale would be made to a Russian company, but it appears that different options are being considered.

“One of the Chinese car companies is being considered,” said the source. It is not reported which one, but Haval, Chery and Geely are better off in the declining market. For any of them, the purchase of “Avtovaz” is an opportunity to significantly strengthen its position in the country. As a reminder, Renault owns 68% of Lada Auto Holding LLC, a joint company with Rostec, which owns 100% of Avtovaz.

Rostec and Avtovaz declined to comment. The press service of Renault’s Russian office advised TASS to contact the company’s head office in France. The Ministry of Industry and Trade has not yet commented on the information.

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