AVTOVAZ to acquire GM’s stake in the GM-AVTOVAZ joint venture.

AVTOVAZ, a Russian automobile manufacturer, agreed to acquire General Motors' stake in the GM-AVTOVAZ joint venture. Financial terms were not disclosed. "I’m thankful to our GM partners for over 18 years of fruitful cooperation. Within the agreement AVTOVAZ is getting the second off-roader in the product range, that will organically supplement the legendary 4x4 and support AVTOVAZ future development. Historically, the JV production processes are deeply connected with AVTOVAZ main plant in Togliatti, which is a very good starting point for future developments to satisfy our customers of the famous NIVA. I would like to wish a very warm welcome to all employees from GM-AV into AVTOVAZ Group," Yves Caracatzanis, AVTOVAZ President and CEO.