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BUSINESS INFORMATION - Avtovaz Russian car giant said on Thursday, will cut up to 27,600 workers because of slow sales due to the impact of the global economic crisis. a statement as reported AFP.
Trimming is meant to represent nearly a third of the workforce in the company, which is 25 percent owned by Renault of France.
Previously, the manufacturer reported Lada icon will consider cutting as many as 36,000 employees, but said it had to "significantly lower in the early figures" for layoffs.
Russia has a car market with the fastest growth in Europe until last year but then plunged into crisis by a decrease in domestic demand.
With a large amount of unsold stock, Avtovaz has stopped production a month after the crisis hit the market already under pressure from competition from imports. Car giant, Fiat was founded in Italy in the Soviet era.
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