Light vehicle sales in Russia plunged 38% year-on-year in February as the auto industry there braces for a lean year racked by lower sales and the impact of the collapsed rouble.
“The market is entering a very difficult phase now, and February is only the beginning. Industry sentiment is the next few months will be extremely difficult, and the market bottom has yet to be found,” said Joerg Schreiber, chairman of the Association of European Business Automobile Manufacturers Committee, which compiles monthly sales data.
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The AEB said sales of new cars and light commercial vehicles in Russia fell 38% from a year ago to 128,298 units in February after a 24% drop in January.
At the end of last year the market enjoyed some respite as consumers brought purchases forward ahead of rouble devaluation enforced price rises.
