In 2002, Togliatti Automobile Plant to Increase Exports by 7.9% on Year

In 2002, Togliatti automobile plant intends to increase its exports by 7.9% on the year to 95,000 automobiles. This is according to the plant's press service quoting Vladimir Kuchai, Vice President, Marketing, Sales, and Servicing. He said, originally planned had been exporting 90,000 cars, which had been corrected, foreign demand for the vehicles growing. However, Mr. Kuchai also said that excessive increase of exports was counterproductive, the primary objective being saturating the domestic market.

The plant in the city of Togliatti is among Russia's largest producers of passenger cars. It was founded in 1970. Its statutory capital amounting to over USD 516 million is divided into 27,194,624 common and 4,930,340 preferred shares with the face value of just over USD 16 each. The largest stockholders are the All-Russian Automobile Alliance company (32.35%) and the Central Branch of the Automobile Financial Corporation (19.86%). In 2001, the plant output 767,300 cars, its total output worth USD 2.785 billion, which was a 8.8% increase on the year.

At this time, the Togliatti automobile plant exports passenger vehicles to 48 countries throughout the world.


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