New car sales are dropping the world over, with seemingly no automaker immune. Car makers from both the United States and Europe are seeking government loans to keep their businesses afloat during these turbulent times, and now Russia’s car industry is looking for a bailout.
According to The Detroit News, Russia’s AvtoVAZ could be in line for up to a $589 billion bailout. AvtoVAZ, Russia’s largest automaker, owes about $1.3 billion to its creditors and suppliers.
“The sum that is being discussed is over 20 billion rubles,” Russian Prime Minister Vladimir Putin said Monday.
Russia’s auto industry has been hit even harder than the U.S.’, with sales expect to fall by 60 percent this year. In comparison, U.S. sales were down about 40 percent during the first two months of the year.
03/31, 7:14 PM
posted by:
A4
sooo it owes 1.3 billion but screw it theyll get 589 billion. how hard is it to read over, lln?
03/31, 7:17 PM
posted by:
Apolus
Thiose numbers remind me of a South Park episode I recently saw…
03/31, 7:18 PM
posted by:
JakeK66
20 billion rubles = $256.15 US Dollars
03/31, 7:25 PM
posted by:
johnnycanuck
There’s also a Russian company called AvtoVAG. I believe they make blow up dolls.
03/31, 7:33 PM
posted by:
A4
we’ll just go ahead and transfer your funds… aaaaaaaaaand ITS GONE
03/31, 7:45 PM
posted by:
Lariat Luxury Locomotive Liner No.3
If GM were to sell off to AvtoVAZ, AvtoVAZ would have their next generation of vehicles!
03/31, 7:46 PM
posted by:
JakeK66
Excuse me, A4, but this line is for bank customers ONLY… Next!!!
03/31, 9:49 PM
posted by:
Borat
Creditors are very lucky indeed that Putin talking without offering some Polonium tea. He can do that, or his lieutenants can. And BTW if they will offer you tea you WILL DRINK it.
03/31, 11:33 PM
posted by:
orangecones
Putin is working very hard on saving the Russian car industry. As a PR stunt he recently bought a new Volga that he will never be seen dead in because he has a small fleet of German-built Mercedes.
There is really no point in the Russian car industry anymore (was there ever). In a recent survey on what russian brand car russian people would want to buy, nearly 60% voted “other” (aka…not russian). There is really little wonder that the Chevy Lacetti (Daewoo Lacetti / Suzuki Forenza) is one of the most popular cars there. By US/Euro/JP standards that car is cr*p. By russian standards…its the best. Think about it.
04/01, 3:09 AM
posted by:
No more oil for GM
buy russian.. it’s your duty..
04/01, 7:52 AM
posted by:
gehrhardt
I think they mean $589M, not billion. It’s nice to see those stunning 1980’s Subarus are still being produced in Russia.
04/01, 10:01 AM
posted by:
zfenderguy
Russian cars make Indian and Chinese cars look like Rolls Royces. I would be embarassed to let the rest of the world know that’s what my country is capable of producing if I was them.
AvtoVAG…lol!