AVTOVAZ expects the small profit in 2022

AVTOVAZ plans to make a small profit in 2022, said company president Maxim Sokolov in an interview with Russia 24 TV channel. "In 2022, we will produce about 220,000 vehicles. Of course, this is less than the previous year, but in April the forecasts were much more pessimistic: that the conveyor would be stopped for almost a year, and AVTOVAZ's losses would be 30 billion rubles. But as a result, we work six days a week and will earn at the end of the year, albeit a small, but still certain profit," said the head of AVTOVAZ. According to him, in 2023 AVTOVAZ plans to increase the production volumes to 400,000 vehicles per a year, by reaching the level of the previous year. At the same time, the share of LADA brand in the market of passenger cars and light commercial vehicles (LCV), according to AVTOVAZ forecasts, will remain at the level of 40% the next year.

Recall that AVTOVAZ’s revenue under RAS for 2021 was 301.2 billion rubles (+17%), the Interfax agency writes. The company's net profit doubled to 1.5 billion rubles, which was a record for 10 years. In the reporting of the former main shareholder of AVTOVAZ, the French group Renault, it was reported that under IFRS, the Russian automaker received revenue of 2.85 billion Euros (+10%) and a profit of 166 million Euros the previous year against a loss of a year before. The shareholders of AVTOVAZ after Renault left Russia are FSUE NAMI (67.7%) and the state corporation Rostech (32.3%), which control the company through LLC Lada Auto Holding.