Avtovaz

Cold War allies Moscow and Havana are marking a renaissance in relations as the US cuts ties with Cuba. Russian firms are returning to the Caribbean nation with billion-dollar projects in hand.

Renault executive Nicolas Maure, who heads Romanian carmaker Dacia, will take over as CEO of struggling Russian automobile giant Avtovaz next month, the owners said in a statement March 15.     

Russia's biggest carmaker Avtovaz, majority owned by Renault-Nissan, said on March 7 its chief executive Bo Andersson is to step down.

Hit hard by Russia's economic crisis, the company, which makes Lada cars, has been battling with bankruptcy fears since last month reporting a tripling of net losses for 2015.

Russia's largest passenger car manufacturer, Avtovaz, announced a transition to a four-day work week for a period of six months, the company was quoted as saying on Feb. 15 by TASS News Agency. 

Avtovaz possibly switching to a four-day work week was first reported after a meeting of the manufacturer's board of directors on Nov. 30, 2015.