Chinese and Russian manufacturers dominated gross sales within the $50 billion market, in keeping with Avtostat
Russians spent a document 4.91 trillion rubles ($50.1 billion) on new vehicles final 12 months, in keeping with knowledge from analytical company Avtostat. Chinese and home Russian manufacturers dominated gross sales in 2024, filling the hole left by Western and Japanese automakers that exited the market following anti-Russia sanctions and geopolitical tensions.
The determine marks a 57% enhance from 2023, a current joint research by Avtostat and Gazprombank Auto Leasing reveals. A complete of 1.57 million new automobiles had been offered final 12 months in Russia, the very best quantity up to now 5 years.
“The financial capacity of Russia’s new passenger car market has set a record for the second year in a row. Last year, Russians spent 57% more on new cars than in 2023, falling just a little short of five trillion rubles… The result was largely due to the sales volume… the best in the last five years, and rising car prices,” Aleksander Kornev, head of importer relations at Gazprombank Auto Leasing, instructed Avtostat.
Chinese manufacturers dominated Russia’s new automotive market in 2024. According to December gross sales knowledge, Chinese-made vehicles accounted for about 62% of complete spending. Domestic manufacturers adopted with a 17.5% share. European manufacturers made up 11%, Japanese vehicles accounted for five.4%, South Korean vehicles 1.6%, and American manufacturers simply 1%. Avtostat additionally famous an increase within the gross sales of luxurious automobiles.
The Russian automotive panorama underwent important adjustments because the introduction of financial and commerce sanctions towards the nation after the escalation of the Ukraine battle in 2022.
Western, South Korean, and Japanese automotive makers exited the market, resulting in a decline of their mixed market share from 69% to eight.5%. In their place, Chinese manufacturers corresponding to Chery, Geely, and Great Wall Motor expanded their presence, growing their market share from 9% to 57%. Additionally, there was a push to spice up home manufacturing, with efforts to revitalize native manufacturers and manufacturing capabilities.
Russia’s home automotive business noticed Lada preserve its main place, with the Granta and Vesta fashions being notably in style amongst shoppers. The elevated availability and affordability of Chinese and Russian automobiles contributed to their rising reputation among the many patrons.
READ MORE: Russia would welcome again overseas automotive makers ? Kremlin
In November, Kremlin spokesperson Dmitry Peskov said that, if overseas automakers returned to Russia, competitors with home and Chinese firms would emerge, finally benefiting Russian shoppers with higher-quality merchandise at decrease costs.
(RT.com)