Russia New Car Registrations Up 19%

New-car registrations in Russia increased 19% in July, the fifth consecutive month of higher sales as the market emerges from a four-year slump. Registrations rose to 129,685, the Association of European Businesses (AEB) said on Tuesday. Meanwhile, seven-month sales are up 8.5% to 848,214. The trend is feeding optimism that 2017 will be a turnaround year, said Joerg Schreiber, chairman of the AEB Automobile Manufacturers Committee. “It appears that, finally, the middle-class buyer has woken up, encouraged by a brighter outlook for the economy and embracing the package of purchase incentives put together by the government,” Schreiber said in a statement. Sales at market leader Lada rose 22% in July, while volume at Kia, the country’s No. 2 brand, increased by 37%. Third-placed Hyundai gained 11%. Renault, at No. 4, saw registrations rise 20%, while sales at fifth-ranked Toyota grew 12%. Among other automakers, Volkswagen brand sales rose 24%, while Ford’s registrations were up 24% and Nissan gained 20%.