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10 Jul, 2023 05:30

Russian car sales roaring back

LADA was the best-selling vehicle on the domestic market in June, followed by Chinese brands, data shows
Russian car sales roaring back

Car sales in Russia are on course to recover from the impact of Western sanctions as June sales more than doubled compared to last year, Russian analytic agency Autostat reported this week.

Sales of new passenger cars jumped 151% year-on-year in June, amounting to 82,407 units, according to the report. A total of 401,600 passenger cars were sold in the first half of this year, which is 14% more than in the same period of 2022, statistics showed.

The Russian LADA was the top-selling brand in the country, with 23,777 cars sold in June, representing a 30% increase from last year. It was followed by Chinese car brands, which continue to fill the void left by departing Western firms.

Chery, the second-largest Chinese car exporter worldwide, saw its Russia sales grow to 10,081 units last month. Haval came in third, with 8,278 cars sold. Geely and Changan were also in Russia’s top five best-selling car brands in June, with 6,903 and 3,490 units sold respectively.

Russia’s automobile industry, which had been heavily reliant on foreign investment and equipment, was hit by an exodus of international manufacturers due to Western sanctions imposed over the conflict in Ukraine. Sales of new cars plunged 59% last year, as American, European and Japanese automakers either left the country or suspended deliveries of cars and components, halting local production indefinitely.

Meanwhile, Chinese automakers have embarked on a major expansion in the Russian market and are expected to reach a 60% share of total sales this year, according to car dealer chain Autodom. China exported over 160,000 cars to Russia last year, more than doubling its previous share of the country’s auto market.

For more stories on economy & finance visit RT's business section

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