Russias largest carmaker, AvtoVAZ, said on Friday it expects to cut 13,000 staff – more than previously indicated – at its Togliatti plant due to falling sales of its flagship Lada.
Avtovaz slumped to a loss last year, and recently appointed CEO Bo Andersson is battling to revive business in a touch economic environment amid the crisis over Ukraine.
The Swede, who was given the job in November, was previously credited with turning around Russian bus and truck maker Gaz.
Avtovaz said earlier this year it would reduce staff by 7,500 in 2014 to help the business back into profitability.
The latest forecasts by Avtovaz, in which French-Japanese alliance Renault-Nissan holds a controlling majority stake, indicate the cuts will be deeper.
“The total number of workers at the Togliatti plant in late 2014 will be about 53,000 people,” Avtovaz said in comments in response to questions from Reuters.
Chosen excerpts by Job Market Monitor. Read the whole story at Russias Avtovaz staff reductions intensify, 13,000 to go at Togliatti | Reuters.
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