Car Sales Rise 8% in Russia

Retail sales of cars and light commercial vehicles in Russia rose 8% to 160,400 units in October, the Moscow-based Assn. of European Businesses reports. Sales through the first 10 months of the year climbed 14% to 1.46 million vehicles.

Growth last month was buoyed in large part by consumers buying ahead of the impending increase in Russia’s VAT. The country intends to raise the tax to 20% from the current 18% on Jan. 1.

October sales rose for Russia’s top three brands, with gains by Lada (+12% to 32,000 units), Kia (+21% to 21,000) and Hyundai (+1% to 15,800). Demand for Renault models fell 7% to 12,200 units.

AEB says sales last month also advanced last month for Volkswagen (+24% to 9,900 vehicles), Toyota (+14% to 8,400), Skoda (+33% to 7,600) and Nissan (+11% to 7,100).