The French car company Renault will help the troubled Russian car manufacturer AvtoVAZ, according to the Russian First Deputy Prime Minister. Renault made public that it will invest in the Russian company and provide advanced technology.

Russia will reportedly not allow AvtoVAZ to collapse, as confirmed by Vladimir Putin earlier this week. Renault are a major shareholder in the company, alongside other Russian investors . Renault have pledged to support the car manufacturer. The carmarker, which is the largest in Russia, is already discussing cutting as many as 27,600 jobs. AvtoVAZ is the manufacturer of budget Lada cars.

In other news, new ‘59’ registration plates prompted a boom in new car sales and car finance last month, with the strongest performance of the car market this year so far.