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Friday, May 31, 2024

Russian car sales triple

Consumers are buying more domestic and Chinese brands amid the exodus of Western and Japanese automakers, statistics show

Sales of new passenger cars in Russia jumped 2.7 times in April compared to the same period in 2022, data from analytical agency Avtostat showed on Thursday.

According to the report, more than 75,000 new vehicles were sold last month in total, which is 8% more than in March.

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Avtostat said that 44% of the cars sold were Chinese brands, while another 35% were Russian made. The combined share of South Korean, Japanese, European, and American automobiles fell to just over 20%.

The top-selling brand in the country was Russian LADA (33.4%), and the most popular model was the Lada Granta (24.3%). Among foreign automakers, Chery was the best-selling Chinese brand, and the Geely Coolray crossover was the top selling model.

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The exit of Western and Japanese companies from the Russian auto market has provided an opportunity to rising industry players such as China and Iran.

Chinese automakers have embarked on a major expansion in the Russian market and are expected to reach a 60% share of total sales this year, according to car dealer chain Autodom. China exported over 160,000 cars to Russia last year, more than doubling its share of the country’s auto market.

Iranian auto makers are also expected to launch sales in Russia this year.

Experts say the situation could also boost the Russian auto industry. Car manufacturer AvtoVAZ revealed earlier that it plans to double production this year to more than 400,000 cars. According to the company’s press service, it has the capacity to produce up to 500,000 vehicles a year.