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13 Sep, 2020 12:19

Russian car market becomes second largest in Europe

Russian car market becomes second largest in Europe

Despite car sales falling in August, the Russian car market became one of the largest in Europe, climbing to the second spot only behind Germany, according to the analytical agency Avtostat.

According to Avtostat data, Russian car lovers bought around 130,000 new cars (excluding commercial vehicles or LCV) last month. August auto sales shed around 0.5 percent compared to the same period last year. The decline comes after auto sales in Russia finally showed signs of recovery, growing around 7 percent in July. However, the drop did not stop the country from moving up three positions in the list of Europe’s largest car markets.

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Despite the deepening slump in August due to coronavirus uncertainty, Germany is still the undisputed leader in car sales in Europe, with over 251,000 vehicles sold in the last summer month. Figures from carmakers show that year-on-year sales plunged around 20 percent in August. Analysts note that the drop comes against the backdrop of strong results last year and could also be driven by the deferred demand effect having become exhausted.

France came in third place with over 103,000 new vehicles sold, followed by Italy, where nearly 89,000 cars found new owners. British customers purchased around 87,000 cars, rounding up the top five biggest automobile markets in Europe. 

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While Germany kept its leading position in August, France and the UK lost their second and third places respectively. Overall, the European car market contracted due to a seasonal drop in demand, analysts noted.

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