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5 Sep, 2023 15:32

Major upturn in Russia’s new car sales

The Lada was the best-selling brand on the domestic market in June, followed by Chinese makers, data shows
Major upturn in Russia’s new car sales

Car sales in Russia have continued to grow, more than doubling in August year-on-year, data from the Russian analytic agency Autostat showed on Tuesday.

Sales of new passenger cars last month reportedly reached 109,731 units, over 2.5 times the figure in August 2022. A total of 606,952 passenger vehicles were sold in the first eight months of this year, 41% more than in the same period a year ago.

The Russian Lada remains the top-selling brand in the country, with 28,721 cars sold in August, representing a 26% market share. 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 13,412 units last month. Haval came in third, with 10,979 cars sold. Geely and Changan were also among the top five best-selling brands in August, with 8,838 and 6,869 vehicles sold, respectively.

The Russian 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, Japanese and South Korean 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 Avtodom. China exported over 160,000 cars to Russia last year, more than doubling its market share.

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