The largest russian car manufacturer is in debt
AvtoVAZ, russia’s largest car manufacturer, admits it cannot pay off its debt due to soaring credit costs. The company’s only hope now lies in government assistance.
With debts amounting to around $1 billion and a key interest rate of 21%, AvtoVAZ cannot service its loans. To make matters worse, the company has been struggling to compete with cheaper cars from China. Each day of russia’s war against Ukraine pushes the country closer to a “parade of defaults.”
