Business Watch
An EBRD long-term loan of EUR 150 million will back the investments of Gestamp Automocion SA, one of the world’s leading manufacturers of auto parts. It is aimed at upgrading its Russian, Polish, Hungarian and Turkish plants which supply assembly lines set up by major international car manufacturers in these four markets.
General Motors and GAZ Group, a part of Basic Element, one of the Russia’s largest diversified industrial groups, today commenced production of the Chevrolet Aveo sedan at GAZ’s manufacturing facility in Nizhny Novgorod, Russia.
Just when the central bank is hinting that it might ease monetary policy comes more evidence of the Russian economy slowing, the Association of European Businesses in Russia forecast on Tuesday that car sales would be flat in 2013 following last year’s 10.6 per cent gain.
Russia’s car market may stop growing in 2013, a foreign-business group said, ending a run of at least four years of increases exceeding 10 percent as the country’s economic expansion slows.
Russia’s largest car maker AvtoVAZ is recalling over 45,000 new Lada Granta cars over a minor defect, the auto giant said on Thursday.
Against the background of stagnation in traditional markets, the Canadian car parts manufacturer, Magna, is making the most of the Russian market.