[Russia] Russia Car Market for Chinese cars
Russia Car Market for Chinese cars
The Russian new car market situation is rapidly escalating to become catastrophic: -38% year-on-year in February to just 128,298 registrations which brings the year-to-date total to 243,826 units, down 32% on 2014.
Russia is facing an unprecedented mix of economic sanctions due to the Ukrainian crisis, a 50% devaluation of the ruble against the dollar in the past 6 months and inflation rising from 9% in December 2014 to 17% in February 2015, with Moscow shopkeepers now repricing goods daily.
Forecasts for the Russian market to drop 27% over the Full Year 2014 are now starting to appear a little optimistic.
Manufacturers active in the country are starting to take drastic measures in accordance with the situation.