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Russian car sales jump in September as Chinese brands expand market share
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(Reuters) – Car sales in Russia jumped by 148.6% year-on-year in September, continuing to rebound from a huge slump in 2022, analytical agency Autostat said on Wednesday, with Chinese brands expanding their market share.
(Reuters) – Car sales in Russia jumped by 148.6% year-on-year in September, continuing to rebound from a huge slump in 2022, analytical agency Autostat said on Wednesday, with Chinese brands expanding their market share.
Russia’s auto industry was heavily reliant on investment, equipment and parts from overseas and hit hard by the fallout from Western sanctions over Russia’s invasion of Ukraine, with sales plunging 59% in 2022 and many foreign automakers leaving the country.
Autostat, citing data from its partner consulting company PPK, said 110,358 cars were sold in September, compared with 44,398 in September 2022.
Autostat said seven of the top 10 spots by market share after Lada – the flagship model of Russia’s leading carmaker Avtovaz – were taken by Chinese automakers such as Haval, Chery and Geely, which have moved in to replace departing Western brands.
Chinese firms are also increasing their sales in Russia with vehicle assembly at factories vacated by the likes of Renault and Nissan, Reuters has found.
Avtovaz raised its forecast for passenger car and light commercial vehicle sales in the Russian market in 2023 to 1 million last week, from its previous estimate of 875,000.
(Reporting by Gleb Stolyarov and Alexander Marrow; Editing by Mark Potter)
Market share is the portion of a market controlled by a particular company or product. It is usually expressed as a percentage of total sales in the market.
Economic growth refers to the increase in the production of goods and services in an economy over a period of time, typically measured by GDP.
The automotive industry encompasses all companies and activities involved in the manufacturing, marketing, and selling of motor vehicles, including cars, trucks, and motorcycles.
Consumer perception is how consumers view and interpret a brand or product based on their experiences, beliefs, and marketing messages.
Foreign investment occurs when individuals or companies from one country invest in assets or businesses in another country, often to gain a return on investment.
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