Russia to allocate 150 million euros for 2015 auto incentive scheme

Article by Christian Andrei, on December 5, 2014

The Russian government plans to allocated RUB10 billion (EUR150 million) next year in a bid to extend an incentives program for new auto purchases, according to Industry and Trade Minister Denis Manturov. The Russian economy has taken toll from Western sanctions imposed over the Ukraine crisis as well as falling oil prices that has weakened the local currency.

This has led to higher inflation that has forced Russians to put off making large purchases. Manturov also said that the government has allocated another RUB2.9 billion for the program this year.

He quipped in August that Russia would allocated RUB10 billion to finance the incentives this year. Under the current program, those who scrap or trade their old vehicles could avail of at least RUB40,000 in discount when purchasing new passenger cars or at least RUB350,000 when buying commercial vehicles.

The scheme was intended to slow down a decline in vehicle sales in Russia. Car sales in the country dropped 10 percent in October – a slowdown from the 20-percent drop in September, according to data from the Association of European Businesses (AEB). For the first 10 months of 2014, Russian car sales fell 13 percent.

Topics: russia, incentives

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Mercedes-Benz has revealed that in 2017, its series 124 coupé will be celebrating its 30th anniversary. While this itself is a significant event, it will also mean that this model...
by - January 21, 2017
BMW’s 550i xDrive has long been considered as one of the most successful business sedans in the world. For the brand, this may not be enough as it has officially...
by - January 20, 2017
Amazon is now moving beyond the four corners of online retailing. Only recently, the retail giant has been awarded a patent for its Road Network system. Since the patented technology...
by - January 20, 2017
The newest version of the Lamborghini Huracan is not a Superleggera, but a Performante. When Lamborghini filed for a patent for a new name, there were still debates whether this...
by - January 20, 2017
What is hotter and more menacing than a Hellcat? If we ask Dodge, its answer would be the “Demon.” Of course, we aren’t talking about a demon with horns and...
by - January 20, 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