Russia’s biggest automaker Avtovaz said on Monday it would buy out General Motors from their joint venture producing vehicles in Russia under the Chevrolet brand, effectively ending GM’s presence in car assembling in the country. Russia’s car market was among Europe’s top performers before the imposition of western sanctions in 2014 which, coupled with falling oil prices, sharply weakened the rouble, increased the cost of buying a car and curbed Russians’ ability to buy new vehicles. On Monday, Avtovaz signed an agreement to buy GM’s 50% stake in the venture, which sees the two companies produce the Chevrolet …read more
Source:: Yahoo Finance
