Renault is poised to raise its bet on Russia, voting with other shareholders in troubled AvtoVAZ to launch an 85 billion ruble (1.2 billion euro) recapitalization in which the French carmaker may be the sole cash contributor.
Renault-Nissan said this week it will give up the chairmanship of AvtoVAZ, a further sign that its hold on the maker of Lada cars has been weakened by recent tensions over restructuring at a time of collapsing Russian demand for vehicles.
The Renault-Nissan alliance said Bo Andersson planned to step down as CEO of AvtoVAZ, which builds Lada cars in Russia. AvtoVAZ’s board will meet on March 15 and is expected to announce Andersson’s replacement, the company said in a statement.
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