Car Sales in Russia Drop 18%

Registrations of new cars and light commercial vehicles in Russia fell 18% to 113,700 units in August, according to the Moscow-based Assn. of European Businesses. Sales through the first nine months of 2016 sagged 15% to 895,400 vehicles.

Among the market’s top six sellers, only leader Lada reported rising sales (+4% to 20,900 cars). Volume shrank for Hyundai (-5% to 11,900 cars), Kia (-17% to 11,700), Renault (-7% to 9,200), Toyota (-4% to 8,500) and Volkswagen (-7% to 6,200).

AEB points out that August results compare with inflated year-earlier demand caused by consumer reaction to currency fluctuations. The group sees weak evidence that two years of shrinkage appears to be ending.