New car sales down 78% Y o Y in Russia

RUSSIA / FSU POLITICS - In Brief 11 May 2022 by Alex Teddy
On May 11 statistics showed that car sales fell drastically in April 2022. The Association of European Businesses published figures. There was a 60% Y o Y drop in March 2022. It demonstrates that the impact sanctions is gradually being felt more and more. Note that the sale of second hand car is excluded from the data. Avtovaz makes the Lada which is Russia's most common car because it is so cheap. Avtovaz is mainly owned by Nissan-Renault. Governments are insisting that Renault boycott Russia and the company is rumored to be negotiating selling its stake in Avtovaz.Audi, Honda, Jaguar and Porsche have stopped selling their autos and car parts in Russia. But this only impacts the upper middle class (about 10% of the population) who can afford these cars. BMW, Ford, Hyundai, Mercedes, Volkswagen and Volvo have all stopped making cars in Russia. Russian carmakers often rely on components from Western countries. These are no longer being sold to Russia.

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