OREANDA-NEWS  JSC Moskovsky Automobile Plant Moskvich (the former Renault site) in 2023 increased its net loss under RAS by 3.6 times, to 8.6 billion rubles, according to the company's published statements.

The company's revenue increased by 38.9% to 59.2 billion rubles, and the cost of sales increased by 59.2% to 57.5 billion rubles. Gross profit amounted to more than 1.6 billion rubles, falling by 74.6%.

The total debt of Moskvich increased 2.5 times last year, to 42.6 billion rubles. Long-term liabilities doubled, to almost 7 billion rubles, in particular, due to an increase of 5 billion rubles in the indicator of long-term borrowed funds. Short-term liabilities increased 2.6 times to RUB 35.6 billion. During the year, the company raised almost 19.4 billion rubles. short-term borrowed funds and increased accounts payable by almost a quarter, to 24 billion rubles.

The range of cars produced at Moskvich's facilities includes three models - the Moskvich 3 urban crossover, the Moskvich 3e electric car and the Moskvich 6 sedan. As previously reported by Autostat, in 2023 Moskvich shipped about 19 thousand cars to dealers, of which 15.3 thousand cars were sold to buyers.

The plant is under the joint management of the Moscow government and KAMAZ PJSC. The CEO of KAMAZ, Sergey Kogogin, in a recent interview with Vedomosti, said that the break-even point of Moskvich is achieved when assembling 40 thousand cars per year. At the same time, in 2024, the company is focused on the production of 30-35 thousand units.

When asked by the newspaper whether it is advisable for Moskvich to strive for the production of 50 thousand cars previously announced for 2024, Kogogin replied: "No - precisely because it is not necessary. The break-even level is reached by 40 thousand cars per year." He added that Moskvich's Chinese technology partner (JAC Concern) is "far from the largest automotive corporation in China."