Tsar Vlad's car industry gets flat tyre
The data tells the story.
Essentially, the Russian car industry has halved three years!
Car sales in Russia have collapsed
Russia: Monthly Car Sales. Source: Association of European Businesses
In the year to October, total sales were down 13%. And its not just the imported cars. Lada, the dominant local brand, has sales slipping 5%. Domestic production fell by 16% last year.
And, as readers would expect with a much cheapened currency, the number of imported vehicles has fallen sharply:
KIA (-9%); Hyundai (-14%); Renault (-6%), Nissan (-24%); Land Rover (-20%); Mercedes (-12%) and Volvo (-26%) have all suffered.
The story is another one that reflects the poor state of the Russian consumer economy.