Page 127 - RusRPTJan21

urged promotion of Russian petrochemical products domestically and abroad.
9.1.2 ​Automotive sector news
Russia's car and LCV sales (excluding Mercedes-Benz and BMW) increased 6% y/y to 157,580 units in November​, according to the latest data from the Association of European Businesses (AEB). This reduced the YTD decline to 10% y/y, with 1.35mn units sold in 11mo20. We think that the FY 20 decline will reduce further to 7% y/y, which implies sales of over 1.6mn units (including Mercedes-Benz and BMW). However, as the recent demand is partly driven by concerns about potential price increases on the back of the recent ruble depreciation, we believe that the pulled-forward demand observed now might limit the market's growth in 2021 to low-to-mid-single digits, provided the macro backdrop sees some improvement.
127 ​RUSSIA Country Report​ January 2021 www.intellinews.com