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Russia’s Car Market Stabilizes
Deliveries of passenger and light commercial vehicles in Russia totaled 229,400 units last month, down only 1% from November 2013, the Moscow-based Assn. of European Businesses reports.
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Deliveries of passenger and light commercial vehicles in Russia totaled 229,400 units last month, down only 1% from November 2013, the Moscow-based Assn. of European Businesses reports. It was the market's best result in 20 months.
Monthly car sales in Russia have dropped an average 20% per month since May, hurt by an economy reeling from sanctions triggered by the Ukraine conflict. AEC says last month's improvement was fueled by a new round of government scrappage incentives and a rush by consumers to buy ahead of expected price hikes in the new year.
Market leader Lada posted a 17% fall in November to 30,400 sales. Deliveries also declined at Volkswagen (-14% to 11,100 units) and Chevrolet (-22% to 10,500).
November sales climbed for Kia (19% to 20,700 units), Renault (8% to 19,200), Hyundai (4% to 16,200), Toyota (32% to 16,000) and Nissan (7% to 15,600).
Total car sales in Russia through the first 11 months of 2014 fell 12% to 2.22 million units, AEC reports. The group says November's results suggest a "rather promising" December.
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