TOKYO (AP) -- A news report says the Renault-Nissan alliance will take a controlling stake in Russia's biggest automaker, AvtoVAZ.
Japan's top business daily, Nikkei, said Thursday that Nissan Motor Co. will invest up to $1 billion for a 25 percent stake in the Russian carmaker. Nissan's alliance partner Renault SA of France already owns a 25 percent stake in AvtoVAZ.
The paper said that with the investment, the Renault-Nissan alliance aims to boost its foothold in Russia.
Nissan spokesman Mitsuru Yonekawa declined to comment on the report. But he said the Renault-Nissan alliance would continue cooperation with AvtoVAZ.
Despite ample government funding, the Russian carmaker has been operating at a loss for years.
