AvtoVAZ Needs $176M In Investments For Launching New Car

The priority task of the Russian car producer AvtoVAZ is to launch the production of a new car - Kalina, or VAZ-1118 - no later that in 2004 and to continue producing traditional car models, Vladimir Kadannikov, the chairman of the AvtoVAZ board of directors, announced. He noted that the launch of Kalina production would require about $176 million in investments, so the company is looking for additional sources of financing now. Kalina is a B class car and AvtoVAZ is also working on a D-class car.