AvtoKrAZ cuts output target for 2011 by twofold

AvtoKrAZ (UX: KRAZ UK, N/R) reduced its output target for 2011 by twofold to 1,500 trucks, Interfax reported yesterday, citing CEO Sergey Sazonov. The company linked the move to renewed concern about economic growth and devaluation of the Russian ruble (AvtoKrAZ planned to sell at least 17% of its output in 2011 in Russia). AvtoKrAZ announced plans to make 3,300 trucks this year in January 2011, but later lowered its target to 3,000.