The board of directors of Russian leading car manufacturer AvtoVAZ approved the firm's 2023 investment program for just under 40 billion roubles ($585 million), Russia's state news agency RIA reported late Monday.

"Yes, it has been approved," RIA quoted AvtoVAZ president Maxim Sokolov saying.

Renault sold its majority stake in Avtovaz to the Russian state for reportedly just one rouble ($0.0165) earlier this year, but with a six-year option to repurchase it. This month, the same state institution snapped up Nissan's assets for one euro.

In the months following the start of the Russian invasion of Ukraine in February, AvtoVAZ cut production and offered some workers voluntary redundancy due to a lack of components.

Earlier in December, Russia's Ministry of Industry and Trade of the Russian Federation reported that the board of directors of AvtoVAZ approved the company's production plan for 2023 at the level of 401,000 vehicles, RIA said.

By Dec. 6, the carmaker had produced 200,000 vehicles this year, according to a statement published on the company's Lada model website.