RUSSIA: Light vehicle sales down 5% in September [includes data summary]
Russian light vehicle sales in September were down 5% on last year according to data issued by the Moscow-based Association of European Businesses (AEB).
However, the AEB said that the low rate of decline suggested some underlying improvement (in August, sales were 10% down).
Year to date to the end of September, light vehicle sales are down by 7% versus the same period last year.
Joerg Schreiber, Chairman of the AEB Automobile Manufacturers Committee said: “The average temperature in the hospital is improving, but the patient as a whole is still far from being well. Such could be the “diagnosis” for the total market situation in September – on a monthly basis, sales trend shows signs of improvement.
“Compared to last year however, total market momentum is still lacking sufficient strength necessary to achieve a stable level, as a pre-condition for moderate growth in the nearer future.”
The AEB also updated its forecast for light vehicle sales:
- 4th quarter sales of 740,000 units, close to 2012 result of 748,000
- Full year sales of 2.79 million units, or 5.1% below 2012's result of 2.94 million
Russia's car market is declining this year as the country's economy falters and consumers retrench. As well as measures to stimulate consumer finance, some observers believe that the Russian government could introduce another scrappage scheme (the last one was nicknamed 'roubles for wrecks').
Domestic brand Lada remains by far the market leader (sales of 343,368 units in the first nine months) with Renault, Kia and Hyundai following. However, Lada continues to lose share.
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