KAMAZ, GAZ and Ford Sollers have made losses during the first half of the year

KAMAZ, GAZ and Ford Sollers have made losses during the first half of the year

Vedomosti – The declining automobile sales in Russia cause losses for manufacturers. However, the manufacturers hope to compensate the losses with the help of the renewal programme.

The net profit of Sollers has declined 6.6 times by the end of the first six months of 2014 in comparison with the previous year, with 256 million rubles. The turnover of the company has also fallen by 14%, remaining at 23 billion rubles. According to AEB data, the Russian sales of UAZ, SsangYong and Isuzu brands -sold by Sollers- have declined by 24%, during the January-June period. The total sales figure of the three brands is 31,160.

Sollers has made a loss from its participation in Ford Sollers, due to the decline in the sales of the partnership, 50% of which belongs to Sollers. The partnership has declared a net loss of 3.4 billion rubles for the first half of the year. The turnover, on the other hand, has been generated as 25.5 billion rubles, following a 35% decline.

Russian light commercial vehicle manufacturer GAZ has also made 1.3 billion rubles loss during the first half of the year. The loss made by another commercial vehicle manufacturer: KAMAZ is 1.5 billion rubles. The turnovers of GAZ and KAMAZ are 55 billion rubles (-8%) and 47.6 billion rubles (-10.4%), respectively. Another Russian brand with declining sales: AVTOVAZ has not yet announced the consolidated data for the first six months.