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Russia’s car market continued its recovery off a low base in February helped by a scrappage programme and an economy that is benefiting from higher oil prices.

Data released by the Moscow-based AEB shows that Russian new car sales rose 80% year-on-year in February to 165,518 units.

“Our consensus view on 2011 remains at 2.24m passenger cars and LCVs but in the light of the strong start to the year we will review this following the March and first quarter results,” David Thomas, Chairman of the AEB Automobile Manufacturers Committee, said in a statement.

In the first two months of 2011, sales are up 77% year-on-year to 293,495 units. AvtoVAZ brand Lada led the market in the first two months with sales of 73,068 units, up 95% on last year. Kia was up to second place with sales of 18,200 units, some 72% up on the same period of last year. 

Mark Ovenden, Vice-Chairman of the AEB AMC added: “We are pleased to see that the Russian industry continued its growth. With high oil prices driving the economic recovery and the continuation of the state loan program, the foundation is there for a very good year provided these fundamentals stay in place”.

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By GlobalData