New car market in Russia: June and H1 2024 figures are released
According to PPC JSC, total sales of new passenger cars and light commercial vehicles in June 2024 amounted to 130,715 units, 49,6% more than in June 2023.
According to the AEB Automobile Manufacturers' Committee, total sales of new passenger cars and light commercial vehicles in the first half of 2024 amounted to 703,765 units excluding alternative supply channels and about 754,627 units including them. These figures are confirmed by new car sales data from PPC JSC – 747,829 units.
Chairman of the Automobile Manufacturers Committee, Alexey Kalitsev comments:
“The main trend of the first half of 2024 was the rapid growth of the new car sales market, which exceeded the forecast values of the beginning of the year. In January, the AEB forecasted the market size of 1.3 million sold cars in 2024.
The Government’s efforts aimed at reducing the volume of parallel imports and increasing the localisation of car production, as well as regulating imports through the EAEU countries, at a certain point contributed to a slowdown in growth, however, did not change the trend.
The main source of the market growth continues to be the import of new cars. However, due to the ongoing and planned launch of production, in the future the share of imports will decrease, as we already observed in the past, during the period of active localization of foreign manufacturers. It is also worth noting that, in general, the volume of cars imported through alternative sources is practically not growing. And its share dropped to 18% in the first half of the year.
On the demand side, while 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.
Taking into account various economic, regulatory, political factors and, assuming that sanctions and other pressure will remain at the same level until the end of the year, the Automobile Manufacturers Committee updates its forecast for 2024 at the level of 1.45 million sold new cars."
Additional information is available on the AEBRus website.
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