Car Sales Plunge 38% in Russia

Retail passenger vehicle sales in Russia plummeted to 128,300 units last month from 206,500 in February 2014, the Moscow-based Assn. of European Businesses reports.

Deliveries through the first two months of 2015 totaled 243,800 units, down 32% year on year. AEB warns that February results are "only the beginning" of a long period of decline as Russia's economy continues to weaken. The trade group previously estimated full-year car sales, which fell 10% last year, will plunge another 24% in 2015.

February results were terrible for most carmakers. Among the market's top 10 brands, volume dropped for eight: Lada (-23% to 23,600), Hyundai (-5% to 13,200), Kia (-6% to 12,600), Nissan (-45% to 9,400), Renault (-46% to 9,100), Toyota (-40% to 7,100), Volkswagen (-49% to 5,800) and Skoda (-12% to 5,600).

The two exceptions in February were Mercedes-Benz (+18% to 4,200 units) and BMW (+6% to 3,600).