Renault's Russian Assets Become State Property

The French car manufacturer Renault's Russian assets are becoming state property. This information was reported by the Ministry of Industry and Trade of the Russian Federation, according to RIA Novosti.

"Renault's Russian assets are becoming state property. The stake in AvtoVAZ is being transferred to the NAMI organization, and the Renault Russia plant is being handed over to the city of Moscow," the statement said.

It is emphasized that AvtoVAZ will continue to produce the entire range of Lada cars at its Togliatti and Izhevsk plants. AvtoVAZ will also provide service for Renault cars in the Russian market.