Russia has continued its upward trajectory of automotive sales with July seeing sales of new passenger cars and LCVs increasing 18.6% according to the Association of Russian Businesses (AEB).
The news caps five straight months of strong increases in the Russian market, which had hitherto endured four years of slumping sales as a combination of a dive in the ruble, credit access difficulties and a falling oil price combined to depress demand.
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Among the top ten bestselling models so far, all models are locally produced, with July numbers amounting to 129,685, a jump of 20,923 units.
From January to July this year, 848,214 cars were sold.
“Double-digit growth on the Russian car market continues for the third month in a row, unabated by the arrival of the peak holiday season,” said AEB Automobile Manufacturers Committee chairman, Joerg Schreiber.
“It appears finally, the middle-class buyer has woken up, encouraged by a brighter outlook on the economy and embracing the package of purchase incentives put together by the government.”
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By GlobalData“The recent sales trend is great news and feeding optimism 2017 will indeed become a turn-around year for the industry.”
