Currently reading: Avtovaz losses double
But Russia's car maker predicts a return to profit

Russia's largest carmaker, Avtovaz, lost 49.2bn roubles (£1.1 billion) in 2009 - more than double the amount of the previous 12 months.

However, it is predicting a return to profit this year, boosted by a scrappage scheme in Russia that was launched last March.

Renault owns a quarter of Avtovaz, and is helping the company develop a low-cost car.

Avtovaz has the capacity to assemble more than 800,000 cars a year In 2009 it sold fewer than 350,000 cars.

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