Russia’s deputy prime minister on Sunday said his government could support French company Renault taking control of troubled carmaker Avtovaz, but will have to find other investors if it declines.
“If the Renault-Nissan alliance wishes to increase its participation to the point where it takes control, Russia will not be against it,” Igor Shuvalov said in an interview with Russian TV station Vesti-24.
Should Renault decline, “we will have to go to other potential partners and investors,” he said.
“The state is shouldering a substantial part of the debt burden by settling social matters linked to employment, but that means that all shareholders — Russian and foreign — will have to present an appropriate development program for the company,” he said.
Renault currently holds a 25 percent stake in Avtovaz, which plans to cut a quarter of its workforce in the face of shrinking sales in Russia’s first recession in a decade.
Russian Prime Minister Vladimir Putin had earlier pressed Renault to take part in rescuing Avtovaz, maker of the iconic Lada brand.
Renault said this month it would hold on to its 25 percent stake in the carmaker and contribute to its restructuring, but would not take part in a capital increase.
Putin said on Nov. 5 that the Russian government would settle Avtovaz’s debt and invest millions of dollars to bail out the company.
The government would budget 38 billion roubles (US$1.3 billion) to cover Avtovaz’s debts, 12 billion roubles to build a new assembly plant and 4.8 billion roubles to create new jobs, he said.
Quanta Computer Inc (廣達) chairman Barry Lam (林百里) is expected to share his views about the artificial intelligence (AI) industry’s prospects during his speech at the company’s 37th anniversary ceremony, as AI servers have become a new growth engine for the equipment manufacturing service provider. Lam’s speech is much anticipated, as Quanta has risen as one of the world’s major AI server suppliers. The company reported a 30 percent year-on-year growth in consolidated revenue to NT$1.41 trillion (US$43.35 billion) last year, thanks to fast-growing demand for servers, especially those with AI capabilities. The company told investors in November last year that
Intel Corp has named Tasha Chuang (莊蓓瑜) to lead Intel Taiwan in a bid to reinforce relations between the company and its Taiwanese partners. The appointment of Chuang as general manager for Intel Taiwan takes effect on Thursday, the firm said in a statement yesterday. Chuang is to lead her team in Taiwan to pursue product development and sales growth in an effort to reinforce the company’s ties with its partners and clients, Intel said. Chuang was previously in charge of managing Intel’s ties with leading Taiwanese PC brand Asustek Computer Inc (華碩), which included helping Asustek strengthen its global businesses, the company
Taiwanese suppliers to Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) are expected to follow the contract chipmaker’s step to invest in the US, but their relocation may be seven to eight years away, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. When asked by opposition Chinese Nationalist Party (KMT) Legislator Niu Hsu-ting (牛煦庭) in the legislature about growing concerns that TSMC’s huge investments in the US will prompt its suppliers to follow suit, Kuo said based on the chipmaker’s current limited production volume, it is unlikely to lead its supply chain to go there for now. “Unless TSMC completes its planned six
Power supply and electronic components maker Delta Electronics Inc (台達電) yesterday said it plans to ship its new 1 megawatt charging systems for electric trucks and buses in the first half of next year at the earliest. The new charging piles, which deliver up to 1 megawatt of charging power, are designed for heavy-duty electric vehicles, and support a maximum current of 1,500 amperes and output of 1,250 volts, Delta said in a news release. “If everything goes smoothly, we could begin shipping those new charging systems as early as in the first half of next year,” a company official said. The new
RSS