(bne IntelliNews) – Sales of new passenger cars and LCVs in Russia increased by 17.3% y/y in October, the Association of European Business, which follows the market, said in a press release on November 9.
In total, 148,597 units were sold in October, and 1,277,938 in the January-October period.
“The recovery of the Russian car market continues with October sales exceeding last year’s result by a robust 17%,” Joerg Schreiber, chairman of the AEB Automobile Manufacturers Committee commented. “This is now the eighth consecutive month of year-on-year improvement, the longest period of uninterrupted growth the market of passenger cars and light commercial vehicles has experienced since 2012.”
“The size of today’s market is still a far cry from the record sales achieved in that year,” he went on to say. “But it is encouraging to see that, at the current pace of recovery, total sales in 2017 have a good chance to restore the market to the level it had in 2015.”
Domestic names continue to lead the sales, contrary to the situation during the boom years. The iconic Lada, manufactured by the country’s largest carmaker Avtovaz, controlled by Renault, was the biggest winner, with a 23% increase in sales y/y in October and 17% in the January-October period.
It was followed by KIA with 16% and 25%, respectively, Hyundai (11% and 11%), Renault (18% and 18%) and Volkswagen (15% and 15%).
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of The Duran.