Complex sentence: Volzhsky Avtomobilny Zavod (ВАЗ, Во́лжский автомоби́льный заво́д), and better known to the world as Lada, was set up in the late 1960s in collaboration with Fiat.
Split into simpler sentences: Volzhsky Avtomobilny Zavod (ВАЗ, Во́лжский автомоби́льный заво́д), but better known to the world under the trade name Lada. The company was established in the late 1960s in collaboration with Fiat.