Another Major American Automaker Leaves Russia
As we reported earlier this month, Russian car sales, in general, are in bad shape due to the weakened currency that’s making it difficult for citizens to buy new cars. The Russian government has already approved a subsidy plan, set to take effect next year, worth about $78.3 billion as part of an effort to help spur the local new car market. For GM, however, it was too little too late. AvtoVAZ has since signed an agreement to buy GM’s 50 percent stake in the venture which, up until now, built the Chevrolet Niva.
Never heard of the Niva? It’s not anything like a rebadged Chevrolet Cruze or Malibu. Quite the opposite. The Niva is actually based on an old Soviet-era design, though GM engineers were brought in to make some necessary improvements. However, the agreement allows AvtoVAZ to continue building cars under the Chevrolet brand for “a certain period of time.”
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