Car sales in Russia plunged 8% y-o-y in July 2013

Article by Anita Panait, on August 9, 2013

Car sales in Russia dropped 8 percent year-on-year to 234,569 units, it fifth month in a row of decline, according to Association of European Businesses (AEB). Car sales in Russia have been in slump, no thanks to the country’s faltering $2-trillion economy. This has prompted AEB to revise its full year 2013 sales forecast to reflect a downward trend of a 5-percent sales decline to 2.8 million units.

Car sales in Russia dropped 6 percent year-on-year to 1,567,892 units in the first six months of 2013. Joerg Schreiber, chairman of the AEB's automobile manufacturers' committee, remarked that market momentum was "not good in recent months."

He, however, noted in a statement that there are indications that the rate of sales decline has reached its peak in the second quarter of 2013, which means that there could be a gradual improvement “to the point of stabilization in the coming months."

Russia's economic output in the first quarter of 2013 just gained almost 2 percent -- the slowest since 2009. Schreiber expects a recently announced government program to support loan-financed car purchases to boost sales in the country.

Russia is expected to surpass Germany as the biggest vehicle market in Europe within this decade, prompting a number of western carmakers like General Motors, Ford, Renault and Fiat to make heavy investments in the Russia.

Topics: russia, sales

If you liked the article, share on:

Comments

Recommended

Ever since the Regera premiered in 2016, Koenigsegg has been firm about increasing its coverage around the globe. Part of the idea was to ask its employees in Angelholm to...
by - February 21, 2017
There is no harm in admitting that both the conventional and the hybrid versions of the Lexus LC 500 are real stunners when it comes to its exterior styling. Even...
by - February 21, 2017
Jaguar is placing three new Ingenium engines on the F-Pace crossover, XF saloon and XE sedan for the 2018 model year. According to Jaguar’s recent announcement, the updates will also...
by - February 21, 2017
After Volkswagen snagged Toyota’s crown as the world’s best-selling automaker, there’s no stopping the Japanese manufacturer from dominating the hybrid arena. As of January 31st , Toyota’s increasing global unit...
by - February 21, 2017
There is no denying that the performance versions of the Jaguar F-Type and the Land Rover Range Rover are definitely hot – both in terms of looks and road dynamics....
by - February 21, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries