Overview
- Management reports revenue growth in the second half of 2025 supporting the outlook for another break-even year.
- The 2026 investment program is set at about 42 billion rubles, with debt levels described as manageable despite high borrowing costs.
- Production guidance calls for at least 400,000 vehicles next year, with the Lada Iskra and Azimut slated to enter the market in the second half; volumes depend on the key rate and demand support measures.
- Maxim Sokolov accuses Chinese rivals of aggressive discounting up to 1 million rubles, while maintaining that Lada models are still priced lower in dealerships.
- He notes that Chinese automakers face no sanctions and benefit from roughly 3% rates and export support, as their brands hold about 60% of new-car sales versus 32% for Lada, according to Rolf.