Sales of new passenger cars and LCVs in Russia decreased by 10% in March, according to data released by the AEB.
March’s 10% year-on-year decline compares with 13.4% in February and 29% in January and is seen as evidence of an improving trend.
Go deeper with GlobalData
In the first quarter some 319,092 light vehicles were sold in Russia, 16.9% below last year’s level.
Russia’s vehicle market has been decimated by the impact of economic recession caused by depressed energy prices.
Last year saw sales dive 36% to 1.6m units, with the scale of the decline clear against a 2014 comparison of 2.49m, while some of the gloomiest forecasts are even predicting a 1.2m market for 2016.
See Also:
Joerg Schreiber, Chairman of the AEB Automobile Manufacturers Committee said that there are signs of the market bottoming out. “March sales result demonstrates that the automotive market as a whole is not in good shape yet although gradually moving closer to hitting a bottom after many months of continuous decline,” he said. “Further progress in this direction largely depends on the stability of the macroeconomic environment and the continuity of government efforts in stimulating market demand in the coming months”.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
