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April 13, 2010

RUSSIA: Clunkers total climbing

A total of 15,688 cars have been sold so far in Russia through the government’s 'cash for clunkers' scrappage incentive launched last month, according to the Russian government.

A total of 15,688 cars have been sold so far in Russia through the government’s ‘cash for clunkers’ scrappage incentive launched last month, according to the Russian government.

Russian media reports say that 1,891 car dealers in 136 cities of 70 regions have taken part in the scheme, with Lada being the most popular brand sold through it – with 12,500 cars sold.

Under the Russian incentive, owners of cars produced in 1999 or earlier can receive bonuses worth 50,000 roubles to buy new Russian-made cars in exchange for their old cars.

The scrappage incentive will be in operation till November 1. The Industry and Trade Ministry believes the program could stimulate sales of about 200,000 new cars this year.

JD Power forecasts that cars sales in Russia will increase by 10% this year to around 1.6m units.

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