It just so happened that AvtoVAZ is the cross only Russians taxpayers have to bear. Now France is sharing this burden with Russia. For 2013, Renault, the largest French car manufacturer, reported an operating loss of €34 million from its participation in the Russian carmaker capital. According to the financial report, the net profit of Renault totaled €586 million, which is three times less than in 2012 (€1.75 billion). Unlike its French counterpart, AvtoVAZ does not rush to announce its financial statements giving only the H1 2013 statistics that suggests a net loss of 2.26 billion rubles. In 2012, on the contrary, Volga automobile plant gained 27.39 billion rubles. For this period, Renault managed to get an extra profit of €186 million. Anyway, the latest disappointing data do not stop the French from leaving the Russian manufacturer. To date, Renault possesses a 35.9% stake in AvtoVAZ. Looking ahead, the French carmaker is expected to invest another 23 billion rubles and to get full control over the Russian plant in mid-2014. The Renault-Nissan Alliance representatives have already told that the two companies own the controlling stake and consolidate the sales volume of AvtoVAZ. Well, let us wish them luck as in the name of all Russian motorists we hope that the Europeans will put the house in order.
