AvtoVAZ Had 2009 Loss of 38.6 Billion Rubles, Kommersant Says

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 austinova@bloomberg.net.

To contact the editor responsible for this story: Hellmuth Tromm in Berlin at htromm@bloomberg.net

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