RUSSIA: Car production down 60%
Just released official figures for Russia's car production show a year-on-year 60.4% drop in the first 11 months.
The Federal State Statistics Service, Rosstat, put car production at 544,000 vehicles in the period. The sharp decline is in line with the reduction of Russia's car market this year, which has suffered from the effects of severe economic recession.
Rosstat data also showed truck production contracted 67.3% to 80,800 trucks, while the production of buses fell 51.5% to 30,000.
Car output in the month of November was down 46.1% year-on-year, with truck and bus production were down 5.5% and 1.1%, respectively.
Analysts say that the Russian auto sector faces a bottoming out over the next six months as the market is unlikely to fall much further and production volumes will therefore stabilise. The second half of 2010 could see a market uplift if Russia's economic performance improves.