MAY SAW 83.5% DROP IN NEW CAR SALES IN RUSSIA

Mon 06 June 2022:

According to latest statistics released on Monday, new car sales in Russia fell by 83.5 percent year over year in May.

Last month, sales of cars and light commercial vehicles fell 123,110 units to 24,268 units, according to the Association of European Businesses.

Sales decreased by double digits across the board, with Lexus (99 percent), Fiat (98 percent), Volvo (both 96 percent), and Volkswagen (both 96 percent) experiencing the steepest drops.

Russian Lada and South Korean Kia and Hyundai were the best-selling automobile brands in May.

During the first five months of 2022, sales of car and light commercial vehicles decreased 52% versus the same period last year.

In April, sales also decreased 78.5%.

Following the beginning of Russia’s war on Ukraine on February 24, Western countries, particularly EU members and the United States, have imposed sanctions on Russia.

Several brands in various sectors, including Volkswagen, Renault, and Ford, have suspended or stopped business in Russia as a result of the sanctions.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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