It’s been one of the few auto markets that seemed relatively impregnable as global auto demand cooled this year in response to the credit crisis and higher oil prices. However, there are indications that Russia’s car market is now being impacted by the credit crunch.
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Vedomosti newspaper has reported that Toyota had expected to increase car sales in Russia by 15% in 2009, but has since cut that to 5%. The newspaper cited remarks by Toyota Europe Vice President Thierry Dombreval, who also said that the company does not plan to scale down its investment in Russia.
John Fleming, president of Ford Europe, has said the Russian car market’s growth has now slowed and could stagnate next year, Vedomosti reported.
This risk was also recognised by Jean-Michel Jalinier, the head of Renault in Russia. He said Renault dealerships are complaining of emptying showrooms over the last month, according to the newspaper.
Renault, however, will assess the market for another 3-4 weeks before deciding whether to revise growth forecasts.
The root of the decline is the unwillingness of banks to grant car loans amid the global shortage of liquidity, experts told Vedomosti.
