Little known outside the former Soviet Union and its satellite countries, Moskvich was founded around 1930 and operated until 1991. Production ended as the Soviet Union dissolved and Western automakers, like Renault, moved in. A portion of a former Moskvich factory reopened in 2005 as a joint venture between Renault and the city of Moscow. Renault had also owned a controlling interest in Avtovaz, parent company of the popular Russian car brand Lada. In its statement this week, Renault said that controlling interest was sold to the government of Russia , while its controlling interest in the Moscow factory, where Renault vehicles were made, was sold to the city of Moscow.

Source: CNN May 18, 2022 08:29 UTC