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Renault Takes Russia's Lada for a Spin
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Posted on
Dec 12 2007 5:45 AM
by
Asif
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French automaker Renault just shifted its cheap-car strategy into overdrive. On Dec. 7, Chief Executive Carlos Ghosn inked a preliminary agreement to become the strategic partner of Russia's No. 1 automaker, Avtovaz, which produces the down-market Lada. Under the terms of the proposed agreement, Renault (RENA.PA) will take a 25% stake in Avtovaz and help modernize its outdated cars and manufacturing with technology and know-how. "The development of the Lada brand will be a priority," Ghosn said during the signing ceremony.
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