Page 109 - RusRPTAug21

pipeline.
Russia and Turkey formally launched the TurkStream project in January 2020. It is aimed to transport Russian gas to Balkan states – Bulgaria, Greece, North Macedonia, Serbia, and Bosnia and Herzegovina – via Turkey.
9.1.2 Automotive sector news
Russia's car and LCV sales increased 37% YoY to 870,749 units in 1H21
(and 5% vs. 1H19), according to the Association of European Businesses (AEB). June sales (excluding BMW and Mercedes-Benz) were up 29% YoY to 157,808 units. The market's strong YoY performance was driven by the low base effect, with some demand also being pulled forward due to concerns about potential price increases. We expect that FY21 sales will be up 5% YoY to 1.69mn units, which implies a YoY decline in the mid-teens in 2H21 vs. a much higher base. Still, we see potential upside risks to this projection. In particular, AEB has upgraded its forecast. It now expects that the market will increase 10% YoY to 1.76mn units in 2021, which still implies that it will drop 8% YoY in 2H21.
109 RUSSIA Country Report August 2021 www.intellinews.com