First half sales of new cars and light vehicles in Russia increased 3% compared to the same period in 2009.
Research from the Association of European Businesses (AEB) in the Russian Federation said a further 23,409 units were produced in the period, while June saw growth surge 45% or by 54,086 models.
Go deeper with GlobalData
The AEB’s Automobile Manufacturers Committee (AMC) noted that of the top ten best-selling models of passenger cars sold, nine are produced in Russia.
“Sustained strong growth in June has now brought the industry to a year-to-date growth position of 3% up on the first six months of 2009,” said AEB AMC chairman David Thomas.
“This is in line with the AEB AMC forecast of further growth in the overall market which will be experienced in the second half of 2010 and our expectation now is 1.67m cars and LCVs to be sold this year. The Government support packages are continuing to have an impact on the lower cost segments but growth is now apparent across all segments in the market.”
Increased availability of finance also appears to have been a key driver behind the bright figures, particularity in the second quarter, while the Russian government’s scrappage scheme coupled with improved consumer confidence has also been important.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“Now the success of each brand depends on if it can promptly increase production volumes and supplies,” said AEB AMC vice chairman Martin Jahn.
“We expect a slight shortage in the third quarter and a sharp increase of sales to the end of the year.”
