Car sales in Russia fell 32 percent in February
By Andrew C., 30 Aug, 2010. 0 Comments
Car sales in Russia dropped by 32% in February compared to a year ago, according to the Association of European Businesses. However, this is considered an improvement over the 37% drop seen in the month of January.
The AEB data illustrate how the plunge in car demand has cut sales by 34% in the first two months of this year. It should be noted though that a government-sponsored scrappage scheme started on March 8. Among the top ten bestselling models of passenger cars so far, nine are made in Russia. Russia was actually expected to surpass Germany as Europe's biggest car market. But then, access to cheap credit became limited due to a slide in the ruble, causing 2009 sales to halve. Since then, the AEB has predicted a flat performance in 2010. In Russia, 50,000 rubles ($1,680) is offered to car owners for trading in locally made vehicles that are more than 10 years old. Western European markets had similar schemes last year, leading to the sharp rise in sales.
[via autonews - sub. required]
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