Russian Vehicle Market in 2024 is fast recovering pushed by a better than expected economic trend. New light vehicles sales in June have been 105.685 (+43.5%) with Year to Date figures at 485.519 (+29.2%).
Market Trend and Outlook
The International Monetary Fund (IMF) has upgraded its forecast for Russia’s economic growth in 2024, as surging military spending helps shield the sanctions-battered country from an economic downturn.
Russia’s economy is expected to grow 3.2% this year, up from the previous forecast of 2.6% issued in January, the IMF said in its World Economic Outlook report published on April 16th.
The Kremlin has earmarked 10.8 trillion rubles ($115 billion) for defense spending in 2024, thus placing its economy more firmly on a war footing as the conflict in Ukraine drags on with seemingly no end in sight.
New light vehicles sales in June have been 105.685 (+43.5%) with Year to Date figures at 485.519 (+29.2%).
Looking at cumulative data up to June 2024 brand-wise, Lada dominates with 208.258 sales (+42.8%).
In second place the Chinese Haval with 78.164 (+70.4%) while third is Chevrolet with 52.837 (+38.2%).
In fourth place Chery with 50.056 sales (+14.6%) with a wide margin over the followers. Indeed Gaz sold 27.557 vehicles (+27.0%), Geely 26.632 (-15.7%) and UAZ 16.196 (-53.0%).
In eight place the electric Chinese specialist Exeed with 11.364 sales (-19.3%) followed by Kia with 4.692 (-33.5%) and in 10th place by Sollers with 4.399 (-17.0%).
Looking at the best selling models, the leader is the Lada Granta with sales up 8.2% followed by the Lada Vesta (+537%) and the Chevrolet Niva (+38.2%)
Medium-Term Market Trend
Russian automotive industry grew up at an all-time record of 2.92 million units in 2013, and it was among the top 10 in the World.
However, the market was severely hit by Crimea invasion-related sanctions and since 2014 dropped down losing over half of the volume in only three years landing at 1.42 million units in 2016 when the fall ended, to start a progressive recovery to near 1.8 million in the 2019.
The pandemic effects in 2020 reduce sales volume in the range of 1.5 million, but when Russia invaded Ukraine, the 24th of February 2022, the cost to the industry was heavy. In fact, the market lost 58.8% in volume, reaching a total of 686,497 sales. The Vehicle Market in 2023 registered a total of 854,231 sales being up by 24.4%
Tables with sales figures
In the tables below we report sales for All Brands, Top 10 Manufacturers Group and Top 10 Models.
