The Russian assets of the French car manufacturer Renault have been nationalised, says Russia’s Ministry of Industry and Trade.
The Renault manufacturing plant is now property of the Moscow administration. 67,69% of the AvtoVAZ company share, previously owned by Renault Group, was allocated to NAMI, a research facility controlled by the Trade Ministry. The remaining share is owned by Rostec, another state-owned conglomerate.
“This will help the government regain control over the AvtoVAZ company and keep its operation under sanctions. This way we’ll be able to save the core competencies, the manufacturing cycle and the job opportunities,” says Denis Manturov, the Trade and Industry Minister.
The new cars at the Moscow ex-Renault factory will be manufactured under the historic “Moskvitch” brand, says Seregey Sobyanin, Moscow’s mayor. Turning the factory into city property would help thousands of people save their jobs.
The “revived Moskvitch factory” will have a partnership deal with KAMAZ, another Russian car manufacturer. A line of classic automobiles equipped with internal-combustion engines is scheduled, with plans to manufacture electric cars in the future.
Renault announced halting production in its Moscow factory shortly after Russia invaded Ukraine. Renault employs 45,000 Russian nationals.
