Late on Monday, Russia's state news agency RIA reported that the top carmaker AvtoVAZ's board of directors approved the company's $585 million investment program for 2023.
Maxim Sokolov, president of AvtoVAZ, was quoted by RIA as saying, "Yes, it has been approved."
With a six-year option to purchase it back, Renault sold its majority stake in Avtovaz to the Russian government earlier this year for reportedly one rouble ($0.0165). Nissan's assets were purchased by the same state institution this month for one euro.
AvtoVAZ reduced production and offered some employees voluntary redundancy in the months following the beginning of the Russian invasion of Ukraine in February due to a lack of components.
According to RIA, the board of directors of AvtoVAZ approved the company's production plan for 2023, which called for the production of 401,000 vehicles, earlier in December.
According to a statement that was posted on the website of the company's Lada model, the automaker had produced 200,000 vehicles this year as of Dec. 6.
($1 equals 68.375 roubles)