AvtoVAZ May Swing to Profit by Year-End, Governor Tells Putin

OAO AvtoVAZ, Russia’s largest automaker, plans to start making a profit by year-end, Vladimir Artyakov, governor of the Samara region and former chief executive of the company, told Prime Minister Vladimir Putin today.

AvtoVAZ may almost double production to 580,000 cars this year on the back of a state-sponsored “cash-for-clunkers” program, Artyakov said at the meeting broadcast by state television Rossiya-24. The company is based in the Samara region.

To contact the reporters on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net.

To contact the editor responsible for this story: Amanda Jordan at ajordan11@bloomberg.net.

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