Business

Russia’s new car sales plunge 83.5% in May

Sales of all car brands drop in double digits year-on-year amid sanctions over Ukraine war

New car sales dropped dramatically in Russia as they were down 83.5% year-on-year in May, fresh figures revealed on Monday.

According to the Association of European Businesses, sales of car and light commercial vehicles decreased 123,110 units to 24,268 last month.

All car brands’ sales fell in double digits, while Lexus (99%), Fiat (98%), Volvo and Volkswagen (both 96%) posted largest declines.

In May, best seller car brands were Russian Lada and South Korean Kia and Hyundai.

During the first five months of 2022,sales of car and light commercial vehicles decreased 52% versus the same period last year.

In April, sales also decreased 78.5%.

After the start of the Russian war on Ukraine on Feb. 24, Western countries, especially the EU members and the US, have been imposing sanctions on Russia.

As part of the sanctions, numerous brands in various sectors have suspended or ended their operations in Russia, including automotive firms such as Volkswagen, Renault and Ford.

Source
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