ZAZ changed the name and form of ownership

PJSC “Zaporozhye automobile plant” (PJSC “ZAZ”), included in the Corporation “UkrAVTO”, changed the name to “Promavtoinvest” and the form of ownership from public to private joint-stock company.

According to the company in the information disclosure system of the national Commission on securities and stock market (NKTSBFR), this decision was made by its shareholders at the extraordinary General meeting December 26, 2016. The relevant changes registered in the state register of legal entities on December 27.

“Promavtoinvest” (previously known as ZAZ) method full production producing cars under ZAZ brand (Lanos, Sens, Lanos-van, Forza, Vida), trucks and buses on the chassis and the units of the Indian TATA. It is produced only under specific market needs.

According to the Association “Ukrautoprom”, in November 2016, the company produced 300 cars, which is five times higher than that of October of the current year (59 units). Earlier it was reported that in October the plant resumed production of cars after being idle since the beginning of this year.

In addition, according to the Association statistics, in November 2016 “Promavtoinvest” produced 50 commercial vehicles, compared to 12 in October, and two buses (in October none). That is, in General, the production of cars at the plant in November grew almost five times – up to 352 units.

At the same time, compared with November 2015 “Promavtoinvest” reduced the production of motor vehicles more than doubled, including passenger cars – in 2,3 times, of commercial – by 20.6%. Buses in November last year, the plant was not released.

According to AUTO-Consulting, in November of 2016 vehicle sales “Promavtoinvest” in Ukraine decreased by 23% compared to October, amounting to 244 units (market share – 3.3 percent).

JSC “UkrAVTO” was in 1992. Owns a controlling stake in PJSC “Promavtoinvest”, Polish car factory FSO. The structure of the Corporation includes more than 400 of workshop in all cities of Ukraine, distributor and dealer companies of the leading automotive brands, and a network of filling stations.