Economy, Auto
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Russian Car Sales Dip 18%

Russian Car Sales Dip 18%Russian Car Sales Dip 18%

New-car sales in Russia fell 18% to 113,749 in August, after a 17% fall in July, the Association of European Businesses (AEB) lobby group said.

“August was unable to break the downward trend but registrations have stopped undercutting the former historical low levels reached in 2009,” Joerg Schreiber, chairman of the AEB Automobile Manufacturers Committee, said in a statement on Thursday, Automotive News Europe reported on September 9.

In July, the AEB downgraded its 2016 full-year market forecast to 1.44 million units, representing a 10.3% fall compared to 2015, from the previously expected 1.53 million units.

Accordingly, through August, sales were down 15% to 895,357 vehicles, the AEB said.

However, Lada, the market’s No. 1 brand, continued to buck the downward trend with its sales up 4% last month. It was buoyed by demand for its Vesta sedan and XRAY crossover, two compact cars developed to rival models from western automakers.

Hyundai, the No. 2 brand, saw its volume fall by 5% in August. Sales at Kia, the No. 3 brand, dropped by 17% over the period, while Renault, the No. 4 brand, fell 7% and Toyota finished among the top five with a 4% fall.

Among other brands, VW sales fell by 7% while VW’s Skoda was one of the few winners as volume rose 6%. Ford sales were down 24% while Chevrolet tumbled 58%.

Caption: Russian carmakers gain on foreign competitors’ losses.

 

Financialtribune.com