With economic recovery showing promise in Russia, Industry and Trade Minister Viktor Khristenko said that the country is poised to become Europe”s biggest auto market by 2014. “By mid-2013 the market would return to pre-crisis volumes, and in 2014 will be the number one market in Europe, with more than 3 million cars sold,” he told legislators in Moscow.
Just two years ago, analysts were predicting that Russia would take the top spot by 2010, but that was before the global financial crisis constricted debt to the extent that it practically erased the previous two years of rapid growth.
In an effort to boost car purchases, the legislature increased planned roadway expenditure by 26%.
New light-commercial sales rose 55% in September compared to the previous year, and 18% between January and September, as compared the prior year. A number of automakers, including Nissan and Chevrolet have plans to add shifts and increase output at their Russian facilities.
– By: Stephen Calogera
Source: Inside Line