Russian car sales move up a gear
Car sales in Russia nearly tripled in July compared to the same period last year, as the domestic automobile industry continues to recover from the impact of Western sanctions, analytical agency Autostat reported on Friday.
Last month, 95,654 new passenger cars were sold in the country, which is 2.7 times more than in July 2022, the agency said, citing data from its partner, consulting company PPK.
The Russian LADA was the top-selling brand, with 27,376 cars sold last month, representing a 163% 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 most popular brand in Russia, sold 10,735 cars, which represents a 316% jump in sales. Geely came in third, with 8,785 cars and a 278% increase. Haval and Changan were also in Russia’s top five bestselling car brands in July. The sales of Korean brands Kia and Hyundai dropped by about 20%.
A total of 497,230 passenger cars were sold in the first seven months of this year, which is 28.2% more than in the same period of 2022, statistics showed. In June, Autostat also reported a 151% jump in sales year-on-year.
The Russian car industry, which was heavily reliant on foreign investment and equipment, suffered a crisis last year due to the exodus of foreign manufacturers in light of Western sanctions imposed over the Ukraine conflict.
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.
For more stories on economy & finance visit RT's business section