Russian auto giants resume production

08:36, January 12, 2010      

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Russian auto giants Avtovaz and Kamaz resumed vehicle output on Monday after a 10-day New Year holiday.

Avtovaz, Russia's largest automaker, underwent equipment maintenance and renovation during the holiday period. The company has planned to shorten working hours in order to lower wages.

Last year the ailing auto giant was mired into severe financial predicament. It clinched a deal last November with French carmaker Renault on technological and equipment upgrading worth 240 million euros (359 million U.S. dollars). Russian government had also pledged more financial support to the carmaker.

As for truck manufacturer Kamaz, the company has planned an annual output of at least 28,200 units this year. It currently ranks the 11th in the world with its heavy truck products, and the eighth with its diesel engines.

Also in last November Kamaz reached an agreement with Germany car magnate Daimler to set up two joint ventures in Russia, one for heavy truck assembling, and the other for light vehicles, which were scheduled to be put into production in the second quarter and the first quarter of this year, respectively.

Source: Xinhua
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