Russian car market crashes by 62% in February

The volume of sales of passenger cars and light commercial vehicles decreased by 62.1% in February 2023 to the quantity of 41,851 items which is 68,590 items less than in February 2022.

Source: Forbes Russia with reference to the data of the Car Manufacturers Committee of the European Business Association (EBA)

Herewith, the Russian car maker Lada remains the leader on the market.

 "In February, the carmaker dealers managed to sell 23,437 commercial and passenger vehicles of the brand, which is 34.2% more than in January 2023,and 4.7% more than in February 2022, when six Lada models were presented on the Russian car market," the report states.

Lada is followed by the Chinese make Haval, which became the leader among the foreign car makers. In February, 5324 cars of this make were sold, which is 49% more than a year ago. The Geely maker comes third, with 4053 cars having sold and sales having increased 85% in a year.

Commercial Russian vehicles GAZ were also in the top five with 2525 vehicles sold, which is 31% less than in February 2022), as well as Korean Kia (1515 items; a 90% decrease), Russian UAZ (1525 items, 90% decrease).

"Chinese makers were leaders in sales on the new passenger cars market in Russia in the last week of February.

Within the period from 20 to 26 February Russians bought 4663 new passenger cars of Chinese makes which makes 41.6% from total quantity. Russian cars (4552 items) with a share of 40.7% took the second place," reads the article.

Background:

The sales of new commercial vehicles in Russia in January 2023 decreased by 63.1% in comparison with January 2022.

Expenditure on new vehicles decreased more than two times last year since the car making industry was heavily affected by the Western sanction due to the war in Ukraine: productivity falls, prices rise, and consumers are switching to cheaper and second-hand vehicles.

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