Russia's Car Sales Expected to Exceed 1.6 Million This Year

According to Aleksey Kalitsev, the Chairman of the Russian Automotive Manufacturers Committee (AEB), there is no doubt that vehicle sales in the country will exceed 1.6 million units this year, based on the data for the first ten months.

A statement from the AEB indicates that a total of 177,505 new passenger cars and light commercial vehicles were sold in October, including alternative supply channels. October sales exceeded those of the previous year by 51%.

Aleksey Kalitsev stated, "The new car sales market in October did not meet expectations and continued to grow, particularly in the first half of the month, maintaining the momentum from the high sales in September. It is clear that the vehicle stock created by dealerships and the still-postponed demand will provide support for some time."

Kalitsev continued, "The results for the first ten months are close to the forecasts previously announced by the AEB for the industry, so there is no doubt that this will be surpassed and the market can exceed 1.6 million vehicles sold. However, the decline in consumer activity and the potential transition towards a market downturn is expected to intensify soon due to the increase in loan costs for businesses and consumers. In this situation, significant government support will be necessary to maintain volumes and sustain market growth."