Russia’s auto association expects strong finish for 2010

Article by Christian Andrei, on October 14, 2010

After the Russian auto market has experienced another big gain in new-car sales last September, Russia’s auto association has become very optimistic about the rest of 2010.

In a statement, David Thomas, chairman of the Association of European Businesses’ auto manufacturers committee, said that a “fast-recovering automotive market” was demonstrated in September.

He added that a “strong finish” is expected for 2010, especially with the 18% increase for the year-to-date, up from the 14% pace in August.

In addition, sales of new passenger vehicles in Russia rose by another 55% in September compared to a year ago as buyers continues to take advantage of a $1.1 billion government incentives program for drivers to get rid of their older cars.

September’s gain of 66,313 units, which followed a 51% jump in August, adds up to sales for the first three quarters of the year totaling 1,321,027 million units.

This stands for an 18% increase compared to the same period in 2009. The AEB in Moscow, which reports the data, said that the strong gains keep the market on track to easily exceed last year’s 1,465,917 units.

When the first round of government incentives was launched earlier this year, the AEB raised its forecast for 2010 car and light commercial vehicle sales to 1.6 million units from 1.5 million.

This AEB outlook has not been revised since then. Research firm Morgan Stanley is more upbeat about its forecast; it predicts that Russians will buy about 1,824,000 new cars and LCVs this year. [via autonews - sub. required]

Topics: russia, sales

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