AvtoVAZ bought the Nissan plant in St. Petersburg for €1
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AvtoVAZ announced that it had closed a deal to buy 99% of the former Nissan plant in St. Petersburg from NAMI for €1. The option to repurchase these assets by the Japanese automaker is maintained for six years.
As reported press office AvtoVAZ, the documents were signed by its President Maxim Sokolov and NAMI General Director Fyodor Nazarov. Earlier, the deal was approved by the government of the Russian Federation.
Mr. Sokolov announced plans to resume car production at the former Nissan plant in St. Petersburg in the second half of 2023. These will be new models under the Lada brand in segments C and D. The production volume this year may be up to 10,000 units.
“In 2024-2027, we will localize these vehicles, where the key task will be to maximize the use of the capabilities of more than 30 regional suppliers of auto components,” said the head of AvtoVAZ.
The company relies on government incentives for suppliers, such as concessional loans from federal and regional industrial development funds.
At the end of November 2022, FSUE NAMI also for a symbolic cost acquired Russian assets of Nissan, including a plant in St. Petersburg. The Japanese concern estimated its one-time losses in connection with the withdrawal from Russia at about $686 million.
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