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remains at a fairly high level, despite quite wide offers, there is no increase in traffic in dealer centers. One of the reasons for this is the high cost of loans due to the Central Bank’s continuing high key rate," the AEB said.
According to the association, the Russian car market in the first half of the year grew by 74.5% to 747,800 cars and light commercial vehicles. In June, sales of new cars amounted to 130,700 vehicles (+49.6%).
Russia’s sales of new cars in all segments increased by 63% in 1H 2024 year-on-year to over 844,000 units, the Industry and Trade Ministry said in a statement.
"In January-June 2024, 844,550 new cars (up to three years) were sold on the territory of the Russian Federation, which is 63% higher than in the same period last year (519,604 units). Meanwhile the market of home-made new cars exceeded 373,000 units, which is 35% higher than in 1H 2023," the statement reads.
The market of new passenger cars soared by 76% in the reporting period in annual terms to 713,900 units, while the market of light commercial vehicles (LCV) increased by 41% to 60,600 units. Moreover, 59,400 trucks (-3%) and 10,700 buses (+14%) were sold in the country in the first six months of this year, the ministry said.
Sales of new electric vehicles amounted to 11,200 units in the period (+137%).
June sales
In June, Russia’s market of new vehicles gained 39% in annual terms to 145,500 units, though in monthly terms it lost half a percent, according to the ministry.
In particular, the market of new passenger cars increased 1.5-fold in annual terms to 122,900 units, though in monthly terms it edged down by 2%. LCV sales amounted to 10,500 units in June (+25% year-on-year, +8% month-on-month).
The market of trucks lost 16% last month in annual terms and added 14% in monthly terms to 10,500 units. Moreover, 1,600 buses were sold in June (-5% year-on-year, +14% month-on-month).
208 RUSSIA Country Report August 2024 www.intellinews.com