Data released by an industry association in Russia shows that the Russian light vehicle market rose by 42% in April.
The Moscow-based Association of European Businesses (ABB) said that car and light commercial vehicle sales in Russia reached 235,711 units in April, 42% ahead of April last year. In the first four months of the year, sales are up 64% to 754,081 units.
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Analysts says that Russia’s car market is benefiting from a stronger Russian economy (helped by high energy prices) and a domestic scrappage scheme – which is helping domestic producers in particular.
David Thomas, Chairman of the AEB Automobile Manufacturers Committee commented: “Strong growth continues across the industry though at a lower pace than the first quarter. It is important to remember that the second quarter of 2010 was the first period of growth since 2008, therefore, direct year on year comparisons are deceptive. The sustained growth leads us to increase our consensus forecast to 2.35m for 2011, up from our previous 2.24m.”
See also: ANALYSIS: Russia car industry set for investment wave as market rebounds
