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Last updated 6:16AM ET
February 28, 2021
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GM Loses in Russia
(wgvu) - General Motors has been beaten out by Renault SA
as a strategic partner for Russia's Avtovaz.
Russia's RIA-Novosti news agency reports Avtovaz will offer
Renault a 25 percent stake in the struggling company.
A Renault spokeswoman says Avtovaz chairman Sergei Chemezov will
present the project to Renault chief executive Carlos Ghosn
GM had confirmed earlier this week that it had submitted a
formal bid for a stake in Avtovaz. The U.S. automaker has been
operating a joint venture with Avtovaz at a plant in Togliatti
since 2001.
GM's 4.6 percent share in the Russian market rose to 6.6 percent
in 2006. Nearly 133,000 Chevrolets, Cadillacs and Hummers were sold
last year through 354 dealerships in Russia.
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