Russian new car and LCV market has shrunk by 20.1% in September

Russian new car and LCV market has shrunk by 20.1% in September

RusAutoNews.Com – According to the Association of European Businesses (AEB) data, 197,233 new cars and light commercial vehicles have been sold in Russia in September. This amount is equivalent to a 20.1% decline, year-on-year. The number of vehicles sold within the January-September period has thereby reached 1,779,947. The shrinkage rate observed in sales by the end of the first eight months is 13%.

Joerg Schreiber, Chairman of the AEB Automobile Manufacturers Committee commented: “September sales show a visible improvement over August, reflecting the end of the holiday season and quarter closing efforts by the market participants. Industry baseline performance however remains weak, demonstrated in the ongoing significant volume erosion compared to prior year. Until year end, the negative sales trend should be mitigated somewhat as a result of government measures in support of domestic vehicle production. We do not expect however a fundamental trend reversal for the total market during the fourth quarter of the year. Considering also the weaker than expected market performance in the third quarter, we are maintaining our full year outlook for the sales of PC and LCV in 2014 at a level of 2.45 million units, equivalent to a 12% drop compared to 2013 result of 2.77 million units”.

On the other hand, as of 5 October, 36,000 automobiles have been sold within the scope of the utilisation programme, which started in September. The minister of Industry and Commerce Denis Manturov has told that 13,000 of these vehicles have been sold within the last week. Manturov has added that as long as the pace continues, the year-end sales figure is expected to reach 170,000 vehicles.

Detailed market figures: AEB Press-Release