Light-Vehicle Sales in Russia Plummet 39%

October demand for passenger cars and light commercial vehicles in Russia sagged to 130,000 units from 211,400 a year earlier, according to the Moscow-based Assn. of European Businesses.

The contraction compares with declines of 29% in September and 19% in August, dashing hopes that the Russian market was approaching the bottom of its two-year slump. AEB blames October’s accelerated shrinkage on the end of a government scrappage program and a stabilized ruble exchange rate that cooled buy-ahead purchases.

Sales last month for market leader Lada plummeted 46% to 20,600 cars. Sales also dropped for Kia (-17% to 14,400 units), Hyundai (-8% to 14,100) and Renault (-35% to 10,800).

Year-to-date sales in Russia through the first 10 months of 2015 totaled 1.32 million, down 34%.