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The wall street journal quoted a report released on tuesday by the russian association of european enterprises (aeb) that russian new car sales fell by 38 per cent in february this year as a result of economic contraction and increased ruble inflation, the largest decline since 2009, far below market expectations。
“the market is entering a very difficult phase and february is only the beginning. The whole industry will face even more severe tests in the coming months, even though the market floor has not yet been identified.” aeb had previously forecast a 24 per cent decline in car sales in 2015, but in the first two months of the year, total sales declined by 32 per cent. Schreiber expressed the hope that market participants would be patient, although their current performance was not encouraging。
Reuter cited pricewaterhousecoopers ' report that russian car sales were expected to be between 1. 52 million and 1. 75 million in 2015, a 10 per cent reduction. The volume of foreign cars assembled in russia will also decrease by 33 per cent; moreover, the number of russian imported vehicles will decline by 55 per cent in 2016。
The report also notes that the collapse of the russian automobile market is attributable to western political and economic sanctions, oil price volatility and market regulation. The geopolitical situation, crude oil prices, changes in the rouble exchange rate, loan conditions and state policy support will be the main factors affecting sales in the city in 2015. The rouble devaluation may encourage more auto manufacturers to localize production in russia。
“a car manufacturer increases prices by 10 to 40 per cent due to changes in the rouble exchange rate.” tatyana lukovetskaya, head of the largest russian car dealer, said so in an interview with the wall street journal. In her view, the main reason for the impact on sales was the economic situation in russia。
Vladimir mozhenkov, president of the russian distribution association, said: “the russian economy has become depressed and the standard of living of the people is declining. Markets are still looking for a bottom line to avoid further decline, but the government's stimulus packages can help reverse this trend in the coming months.”
Although russia is currently underselling, the luxury car market has not been significantly affected. Mozhenkov said: “many customers are willing to buy luxury cars in united states dollars or euros so that they are not too affected by the economic downturn.”
