Page 121 - RusRPTSept21

continue in the coming months and project that car and LCV sales will increase 5% y/y to 1.7mn in 2021 vs. the growth of 28% in 7mo21.
Sollers' UAZ sales increased 10% y/y to 2,891 units in July. Even though UAZ outperformed the market in July, its 7mo21 sales, which gained 8% y/y to 16,067 units, still lagging the market. Ford Transit sales (the JV with Ford is consolidated by Sollers) climbed 5% y/y to 1,789 units in July and 65% y/y to 10,094 units in 7mo21. Overall, we remain neutral on Sollers due to the uncertainty surrounding the prospects of its UAZ brand, as well as the company's strategy for minority shareholders.
Russian producers did better than many of their foreign peers in July, which might be attributed to local production amid worldwide microchip shortages.
AvtoVAZ remained the market leader (over 20% of the market), with sales of its Lada brand increasing 3% y/y to 32,013 units in July and 42% to 232,232 units in 7mo21. GAZ increased its LCV sales 29% y/y to 4,640 units in July and 21% y/y to 28,442 units in 7mo21.
121 RUSSIA Country Report September 2021 www.intellinews.com