Russian Ministry of Industry and Commerce: “Car production will decline by 10% in 2015”

Russian Ministry of Industry and Commerce: “Car production will decline by 10% in 2015”

Rossiyskaya Gazeta – Russian minister of industry and commerce Denis Manturov has stated that the car production has shrunk by 10% in the country in 2014 and added that a lower shrinkage rate is not being expected for 2015.

In addition, the minister has told that the measures to be taken in order to support the automotive sector this year will take shape towards March. A new induced automobile credit programme will not be amongst the aforementioned measures, almost certainly. Rossiyskaya Gazeta quotes the minister’s words on direct price reductions’ being more effective than induced credits.

The decline in car production will affect both Russian and foreign brands. However, it’s being predicted that the foreign brands will suffer more losses, due to the depreciation of the rouble and the decline in the purchasing power of the population.