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Two sources from Russia stated that Renault and Nissan will formally sign an agreement with Volga next week to begin the implementation of a plan to increase their stake in Volga by US$750 million and take the first step to take absolute control of Volga.
Renault Nissan has previously announced the signing of a memorandum with Russia’s Russian Technologies, the parent company of Volga Automobiles, which will invest US$750 million in capital and increase Volga’s shareholding to more than 50%. The acquisition process will be divided into three phases. The time nodes will be December 2012, July 2013 and June 2014 respectively. Troika Dialog, one of Volga’s major shareholders, plans to sell its 20% Volga shares by 2014, becoming a source of equity for Renault-Nissan’s increase in Volga.
Volga was originally a well-known automobile brand of the Russian Gorky Automobile Factory and was born in 1956. Since 2009, Volga has been on the brink of bankruptcy on several occasions due to poor management.
The important position of the Russian market is an important reason for this transaction. From January to October of this year, the cumulative sales of Russian cars were 2,441,700, a year-on-year increase of 13%. Before the outbreak of the financial crisis in 2008, the annual sales of Russian cars exceeded 3 million vehicles. Russia’s car sales have fallen sharply since 2009, but in 2011 it began to show signs of recovery.
Russia has always been an important export market for local Chinese automakers. Great Wall Motor is building a new plant in Russia with an annual output of 50,000 vehicles to increase its total production capacity to 70,000 vehicles. Geely and Chery Automobile also plan to build new factories in Russia through joint ventures.
In the first 10 months of this year, sales of Chery, Geely, and Great Wall in Russia were 16,191, 13,575, and 10,849 vehicles, respectively.