Page 121 - RusRPTNov21

levels are keeping gas prices high -- $1,015 in Amsterdam yesterday.
9.1.2 Automotive sector news
Russia’s new car and LCV sales (excluding Mercedes-Benz and BMW) decreased 22.6% y/y in September 2021 to 119,485 units, according to the latest data published by AEB.
September was thus the third consecutive month to show a y/y decline. Nevertheless, sales including Mercedes-Benz and BMW were still up 15.1% y/y to 1.3mn units in 9mo21 due to the market's strong recovery in 1H21. We expect the recent negative trend to persist, at least through the end of the year, with microchip shortages weighing heavily on the supply side, even though the demand appears to be quite robust. For FY21F, we continue to expect car and LCV sales to go up 5% y/y, which implies a decline of 17% y/y in 4Q21F.
121 RUSSIA Country Report November 2021 www.intellinews.com