OAO AvtoVAZ had a net loss of 38.6 billion rubles ($1.3 billion) last year, Kommersant said, citing Chief Executive Officer Igor Komarov.
AvtoVAZ expects sales to rise 16 percent this year spurred by the government’s cash-for-clunkers program and may post a profit in 2011, the newspaper said. The Togliatti, Russia-based carmaker, which currently employs 73,000 people, may cut about 4,000 jobs by 2020, the newspaper said.
To contact the reporter on this story: Anastasia Ustinova in St. Petersburg at firstname.lastname@example.org.
To contact the editor responsible for this story: Hellmuth Tromm in Berlin at email@example.com