RUSSIA: AvtoVAZ continues to feel 'clunkers' lift
AvtoVAZ has said it has sold 10,800 cars as part of the Russian government’s 'cash for clunkers' scheme as of Tuesday, April 6.
Under the scheme, which started operating on March 8, owners of cars produced in 1999 or earlier can receive bonuses worth 50,000 roubles to buy new Russian-made cars in exchange for their old cars.
AvtoVAZ dealers have so far received around 100,000 bids under the program, the AvtoVAZ press office has said.
The scrappage incentive will be in operation till November 1. The Industry and Trade Ministry believes the program could stimulate sales of about 200,000 new cars.
JD Power forecasts that cars sales in Russia will increase by 10% this year to around 1.6m units.