Avtovaz to produce over 520,000 cars in 2024 - industry and trade minister

MOSCOW. Nov 19 (Interfax) - Avtovaz , Russia's largest carmaker plans to produce more than 520,000 automobiles in 2024 and increase output to 700,000 vehicles per year in the next six years, Industry and Trade Minister Anton Alikhanov said.

"Avtovaz will demonstrate our best result in 15 years. They plan to produce more than 520,000 automobiles this year. This is far from the limit. [First Deputy Prime Minister] Denis Valentinovich [Manturov] and I just participated in a directors meeting. He held a meeting of Avtovaz's board of directors and the plan is to reach a level of up to 700 [thousand automobiles] in six years, and maybe more, depending on what the market situation is like," Alikhanov said at a meeting of the Federation Council's Economic Policy Committee.

It was reported last week that Avtovaz's board approved a production target of 500,000 automobiles for 2025 and an investment program of 45 billion rubles. The company planned to produce a similar number of vehicles this year.