OREANDA-NEWS. May 06, 2010. Avtovaz released operating results for 4M2010. In January-April, car sales by Avtovaz picked up 1% y-o-y to 124,100 units. In April, the company sold 52,400 cars, a 53.6% jump y-o-y.

We are upbeat about the results from the carmaker, while at the same time noting that the sharp sales growth in April was driven by implementation of a state ‘cash-for-clunkers’ old car utilization program, intended for automobiles over 10 years old. Avtovaz distributed around 18,000 cars under this program in April, the company said in a statement. Therefore, excluding the cars sold under the program, April sales by Avtovaz picked up by just around 1.0%. Avtovaz is well placed to continue boosting car sales in the months ahead, thanks to the program, which now has a backlog of 165,000 orders.