On 12 December 2012, the Renault–Nissan Alliance formed a joint venture with Russian Technologies (Alliance Rostec Auto BV) with the aim of becoming the long-term controlling shareholder of AvtoVAZ, Russia's largest car company and owner of the country's biggest selling brand, Lada. The takeover was completed in June 2014, and the two companies of the Renault-Nissan Alliance took a combined 67.1% stake of Alliance Rostec, which in turn acquired a 74.5% of AvtoVAZ, thereby giving Renault and Nissan indirect control over the Russian manufacturer. Ghosn was appointed chairman of the board of AvtoVAZ on 27 June 2013. Taken together, the Renault–Nissan Alliance sells one in ten cars worldwide, and would be the world's fourth largest automaker with 2013 sales of 8,266,098 units. In May 2020, Nissan announced that the company would cut production capacity by 20% due to the Covid-19 pandemic. The company announced it would shut down factories in Indonesia and Spain, and would exit the South Korean car market. Presidents and chief executive officers of Nissan:  Nissan: Nissan's volume models are sold worldwide under the Nissan brand. Datsun: Until 1983, Nissan automobiles in most export markets were sold under the Datsun brand. In 1984 the Datsun brand was phased out and the Nissan brand was phased in. All cars in 1984 had both the Datsun and Nissan branding on them and in 1985 the Datsun name was completely dropped. In July 2013, Nissan announced the relaunch of Datsun as a brand targeted at emerging markets. Infiniti: Since 1989, Nissan has sold its luxury models under the Infiniti brand. In 2012, Infiniti changed its headquarters to Hong Kong, where it is incorporated as Infiniti Global Limited. Its president is former BMW executive Roland Krueger. From 2014, Infiniti cars are sold in Japan. Nismo: Nissan's in-house tuning shop is Nismo, short for "Nissan Motorsport International Limited." Nismo is being re-positioned as Nissan's performance brand. For many years, Nissan used a red wordmark for the company, and car "badges" for the "Nissan" and "Infiniti" brands. At Nissan's 2013 earnings press conference in Yokohama, Nissan unveiled "a new steel-blue logo that spells out—literally—the distinction between Nissan the company and Nissan the brand."