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

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