Renault Vows to Sustain Russia's AvtoVAZ After Record Loss
- Russia's largest carmaker warns it may fail as going concern
- Company seeks help from shareholders as 2015 net loss widens
Renault CEO: Will Do Whatever It Takes to Sustain AvtoVAZ
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Renault SA pledged to support AvtoVAZ Group as Russia’s largest automaker warned it may not survive without help from shareholders after the collapse of the domestic car market pushed it into a record $930 million loss.
“We’ll do whatever it takes to sustain AvtoVAZ and to allow AvtoVAZ to compete when the recovery comes,” Renault Chief Executive Officer Carlos Ghosn said in a Bloomberg Television interview Friday in Boulogne-Billancourt, near Paris. “We have made the decision to prepare ourselves for the recovery of the Russian market because we believe in its potential.”