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Russia car sales rise 163% in May as recovery continues

Tan KW
Publish date: Tue, 06 Jun 2023, 10:21 AM
Tan KW
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MOSCOW: Car sales in Russia rose 162.8% year-on-year in May, analytical agency Autostat says, rebounding partially from Russia’s dramatic car industry slump in 2022.

Russia’s auto industry had been heavily reliant on investment, equipment and parts from overseas and was hit hard by the fallout from Western sanctions over the conflict in Ukraine last year.

Sales of new cars plunged 59% last year and many foreign carmakers withdrew from the Russian market entirely.

Autostat, citing data from its partner consulting company PPK, said 72,171 vehicles were sold in May, compared with a paltry 27,458 in May 2022.

Russia’s Lada took the number one spot on the domestic market in May 2023, growing its market share by just over six percentage points compared with May last year.

Six of the top ten brands by market share were taken by Chinese carmakers, such as Haval, Chery and Geely , which continue to fill the vacuum left by departing Western firms.

 - Reuters

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