Russia 2024. Vehicle Market Booms In January (95.2%)

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Russian Vehicle Market booms in the first month of 2024. January recorded 80,212 new sales (+95.2%). This positive results continues a 10 month positive string. The top 3 brands remain unchanged, while YA3 gains 29 spots, ranking in 7th place.

Market Trend and Outlook

The Vehicle Market in January 2024 registered a total of 80,212 sales being up by 95.2%, continuing a 10 month positive run. 

It seemed that western companies exiting from the country, local manufacturers not being able to keep up with demand and the economic crisis which has reduced buyers purchasing power could have an impact on the market, nonetheless it has resisted to these obstacles.

Although the conflict in Ukraine is not showing signs of slowing down, this damaging war hasn’t had a big influence on the vehicle market, which has been thriving throughout 2023, thanks to the huge supply of Chinese models which replaced the Western OEMs, which left the country as effect of the US/EU sanctions.

Apart the local manufacturer, Lada (now re-purchased by the Russian State from Renault), 8 out the top 10 brands are Chinese. 

Looking at cumulative data up to January 2024 brand-wise, Lada is the brand with the most sales at 22,289 (+27.6%), followed by Chery at 11,559 new registrations, a 78.0% year-on-year growth. Haval in third also reports a positive performance being up 5 spots, with 9,620 new sales (+112.1%).

Geely in 4th with 8,998 sales (+157.0%), followed by Changan -up 4 spot- with 4,893 registrations (+943.3%), Gaz -down 1 spot- at 4,446 (+144.8%) and YA3 -up 29 spots- with 3,281 sales.

In 8th place Omoda -down 2 spots- with 2,668 sales (+79.8%), followed by Lixiang -up 27 spots- with 1,741 and in 10th TANK -up 12 spots- with 1,733 units sold (+276.7%).

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.

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