Page 95 - RusRPTDec19

AvtoVaz took a hit with 6% sales decline in October. Another top seller Kia saw the sales decline by 4%, while Nissan posted the steepest decline of 60%.
VTB Capital analysts have slashed the car market growth forecast from previous 6-7% to 0.3% for 2019. Previously in July AEB already warned that the "market growth in the full year of 2019 is not a realistic scenario anymore." In June market participants and unions surveyed by Reuters beleived that declining consumer confidence and incomes will drive Russian passenger and LCV sales to ​decline by 3-10% in 2019​.
Moreover, recent reports also claimed that Russian car market ​could be shrinking faster than the industry data suggests​, with a real decline in car sales at 18% in May 2019 if accounted only for actual sales by the car dealers.
95​ RUSSIA Country Report​ December 2019 ​ ​www.intellinews.com