Car Sales in Russia Down 43%
- New Europe Investor
- November 09, 2015
New car sales in Russia have dropped by 43% in the first nine months of the year, compared to the same period last year according to a study conducted by PWC.
In ruble terms, the fall in value of sales was 34% over the same period.
Last year, 2.34 million new cars were sold in Russia. The PWC report goes on to say that car sales will fall by 45%, to only 1.3 million for 2015.
The car market in Russia has been heavily hit by the fall in the value of the ruble. This was primarily a result of a steep fall in the global oil price combined with Western led sanctions that have also sharply hit the Russian economy.
Finally, the PWC report says that it will take the car market in the country between six to seven years to reach the levels seen in 2012.