Renault man Nicolas Maure takes charge of Avtovaz – and $1bn of losses

Nicolas Maure, the new CEO of  Russia’s flagship car manufacturer Avtovaz,  took up his post today charged with turning the company’s fortunes around after it reported losses for  2015 of over $1bn  amid rising R&D and marketing costs, a falling car market, declining purchasing power and the devaluation of the national currency. The situation got so perilous under the stewardship of Maure’s predecessor Bo Andersson that it was forced to warn that it would not able to honour its debts or continue operations without the support of its shareholders.
The Renault-Nissan alliance holds  a majority stake in the  Alliance Rostec Auto BV holding company that controls Avtovaz and through which it jointly produces  Renault, Nissan and LADA  models at the Avotvaz plant at Togliatti and elsewhere across Russia.