French carmaker Renault will not invest more money in troubled Russian market leader AvtoVAZ, despite a threat by Russian prime minister Vladimir Putin to dilute Renault’s 25% stake in the company should it refuse to do so. Russian media reports on 3 November cited Christian Esteve, a member of Renault’s management committee, as well as the board of directors of AvtoVAZ, saying that Renault would supply technology to help modernize the Russian auto giant, but not more money. According to the reports, Esteve made clear that Renault wants to keep its share in AvotVAZ, the manufacturer of the Lada car brand, only under the condition that it not invest more money in the company. Renault plans to meet with representatives of the Russian government on November 10 about the modernization of the leading Russian car brand, he said. Renault itself has been hit hard by the economic crisis, and is in no position to help its Russian counterpart, said a key Renault executive. They wanted us to invest a lot of money, which AvtoVAZ needs, but we don’t have large sums, Russian newspaper Vremya Novostei quoted Patrick Pelata, Renault’s chief operating officer, as saying. The Russian carmaker plans to cut 5,000 jobs by the end of the year.