Page 85 - bne IntelliNews monthly country report Russia February 2024

Federation, up by 59% y/y (739,521 units). The share of locally-produced cars in this volume stands at 49.5%," the ministry said. Sales of passenger cars rose by 60% in the reporting period to 938,600 units, while sales of light commercial vehicles increased by 35% to 92,300 units. The market in the segments of trucks and buses climbed by 82% to 128,100 units and by 24% to 15,600 units, respectively.
AvtoVAZ is gearing up to manufacture approximately 200,000 Lada Granta vehicles at its Tolyatti facility in 2023, as revealed by CEO Maxim Sokolov during the VTB forum on December 8, as reported by Prime. Sokolov highlighted the impressive level of automation and robotization in certain production lines, notably the welding line for the flagship Granta car, which currently stands at an impressive 82%.
While AvtoVAZ did not disclose the production figures for 2022, sales reached 95,900 units. The initial production target for all Lada cars in 2023 was set at 400,000, but the possibility of a 10% reduction due to sanctions looms.
Sokolov also disclosed plans to deliver over 40,000 Lada vehicles to the dealer network in December. He expressed optimism that state support measures and producer incentives could stimulate demand, which has been affected by the central bank's high key interest rate.
Additionally, AvtoVAZ has introduced a program offering loan interest compensation for Lada Vesta cars, with a subsidy amounting to approximately 600mn rubles.
Chery, the Chinese automaker, has ambitious plans to introduce seven models of vehicles powered by alternative energy sources in Russia in 2024, according to Dmitry Maksimov, the head of Chery's NEV brand in Russia. Maksimov announced this development on Wednesday, stating that the lineup would consist of two electric cars and five hybrid models, as depicted in the presentation. Chery secured the second position in new car sales in Russia for the January to November period, following closely behind AvtoVAZ in terms of market performance.
Sales of new cars fell by 3% on the month to 108,500 vehicles in November, the Industry and Trade Ministry said on December 4 citing Pasport Promyshlenny Konsalting (Passport Industrial Consulting, or PPK). The ministry did not provide a y/y comparison. In January–November, sales of new cars in Russia jumped by 60% on the year to 938,600 vehicles, the ministry said.
The Russian EV automotive market share is anticipated to rise to 25% by the year 2035 from the current 1%, said Anton Musatov, CEO of VTB Leasing, reports Prime.
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