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Auto sales drop in Russia

12 February 2009 09:09 (UTC +04:00)

Bakuâ€“ APA-Economics. Sales of new cars in Russia collapsed by 33%, year-on-year, in January, Russian business daily Vedomosti reported, quoting preliminary data compiled by the Association of European Businesses (AEB).
In January, 116,571 cars were sold, including imported and Russian vehicles, down from 174,488 in January 2008.
In month-on-month terms, sales fell by 44.5% from 210,293 in December, the paper said.
A drought of cheap car loans in Russia, brought on by the global credit crisis, has led to a sharp drop in demand and consumer shift to cheaper Russian-made cars.
Reuters reported that sales of Lada cars, produced by Russia’s largest car maker AvtoVAZ, totalled 29,110 and led the pack ahead of General Motors’ Chevrolet and Ford which sold 10,011 and 7,952 vehicles respectively, down 27 and 18% year-on-year. Chevrolet sales include the GM-Avtovaz joint venture.