Russia’s car sales down in Q1

By Emre Gurkan Abay and Emir Yildirim

MOSCOW (AA) - Russia’s new car sales were down 25.3% year-on-year to 246,900 units in the first quarter of the year due to rising credit costs, according to Avtostat.

New car sales in the country fell 45.5% on an annual basis to 79,800 units in March.

Lada was the most sold brand in the first quarter, while Chinese brands Haval, Chery, Changan, Geely, Omoda, Exeed, and Jetour also played a role in the sales.

While rising credit costs were the main issue driving down car sales, experts say that expectations of Western companies returning to the Russian markets due to the ongoing negotiations with the US also impacted sales.

Russia’s car sales came to a standstill and entered a recovery period with Chinese brands increasing their exports to the country from 2022, while Russia’s domestic manufacturers increased their production.