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Putin: Russian automaker may get bailout

Putin: Russian automaker may get bailout

Russia's largest automaker AvtoVAZ may get more than 20 billion rubles ($589 million) in a government bailout, Prime Minister Vladimir Putin said Monday, causing a surge in the company's shares.
Putin's comments came as AvtoVAZ _ which owes 44 billion rubles ($1.3 billion) to its suppliers and creditors _ is asking for 26 billion rubles from the government to pay off its suppliers and creditors.
"The sum that is being discussed is over 20 billion rubles," Putin told workers at the company's main plant in Togliatti. AvtoVAZ's models include the iconic Lada.
AvtoVAZ's stock rose 28.6 percent by 4 p.m. Moscow time (1300 GMT).
Russia's Industry Ministry said on Monday it expects car sales in Russia to drop more than 60 percent this year _ more than earlier expected.


Updated : 2021-10-17 03:30 GMT+08:00