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| Economy |
| Russian automaker to axe 27,700 jobs |
| 2009-07-29 |
| [Iran Press TV Latest] Russia's big carmaker Avtovaz has announced plans to cut nearly 27,700 jobs amid a biting global economic crisis that has brought about a big lull in demand. Avtovaz, the manufacturer of Lada, is going to cut 27,691 jobs, AFP reported, citing a Monday report by Interfax news agency. The giant carmaker now has a workforce of 110,000 and should the layoffs be realized, it would amount to one of the largest at a single company during Russia's current recession. In order to compensate for the slumping demand, the company, which is 25 percent owned by French carmaker Renault, has already put off production in August, the second such move in the current year. The Russian government has pledged to help the reeling carmaker by providing the company with a 25-billion-ruble loan. Another Russian automaker, GAZ, which is interested in being bought into the German car company Opel, has also been hit hard by the crisis. In early July, GAZ announced plans to slash 7,000 jobs from its workforce of 40,000. |
| Posted by:Fred |
| #2 I think that auto maker employs more people than Chevy, Jim. That might be their problem, there... |
| Posted by: Mitch H. 2009-07-29 08:29 |
| #1 Chevroletski? |
| Posted by: Redneck Jim 2009-07-29 00:12 |