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Russia's car industry powers ahead

2007 was a record-breaking year for Russia's automobile industry. The number of new vehicles imported topped one million, up 67% from the year before.

Stanley Root, partner with PriceWaterhouseCoopers in Moscow, says prospects exist not only for foreign manufacturers, but also for local firms making quality components.

“Probably the biggest opportunity is for the automotive component producers because today the Russian automotive component industry is not growing very quickly and does not supply many foreign cars. The possibility at this time, when 15 foreign companies set up their production here and there will be a lot of production of cars in Russia, perhaps up to two million a year. And for that they will need supply with good quality western standard components,” Root said.

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