Russia’s car market continued to recover in February, with the overall light vehicle market up by 24.7% and 133,177 units sold.
The AEB Automobile Manufacturers Committee (AEB AMC) said that light vehicle sales in Russia in the first two months were 27% ahead of last year at 235,641 units sold.
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Joerg Schreiber, Chairman of the AEB Automobile Manufacturers Committee said the market in Russia demonstrated ‘healthy momentum’ in February. “Moving forward, the market outlook remains positive but it is reasonable to expect that the pace of year-on-year recovery should slow down as a result of the growing base effect applying from March last year,” he said.
The Russian economy and Russian auto sector is continuing to recover from a deep recession. After two years of recession, economic activity in Russia grew by around 1.8% in 2017, helped by stabilising oil prices, easing financial conditions, and improved confidence. Over the medium term, however, economic growth is expected to remain at a more moderate 1.5% pa, largely dependent on the outlook for energy prices.
The AEB also pointed out that among the top ten best selling models, all are locally produced. The data shows that Kia’s Rio was the top seller in the first two months.
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By GlobalData
