Thursday, October 21, 2010

Russia: Top Europe's Auto Market by 2014

Russia intends to become the largest car market in Europe in 2014 with increased sales of economic recovery, Trade and Industry Minister Viktor Khristenko said on Wednesday.

"In mid 2013 the market will return to pre-crisis volumes, and in 2014 will be the number one market in Europe, with more than 3 million vehicles sold," Khristenko told lawmakers that the government here in the question session and answers.

He added that the ministry expects vehicle production to reach 1.3 million units in 2010, with sales expected to top 1.7 million vehicles.

Two years ago, analysts predicted that Russia will be in Europe, "the biggest car market by 2010. This was before the global financial crisis has squeezed demand, removing two years'rapid growth.

Russian lawmakers on Wednesday raised its planned spending on roads and road construction projects in 26 percent more in an effort to improve the acquisition of machinery.

New vehicles and light commercial vehicles sales grew by 55 per cent to 185,953 units in September compared with the previous year, according to the Association of European Business. Sales of new passenger cars and light commercial vehicles in Russia in January-September rose 18 percent to 1.32 million units compared to the same period in 2009.

The number of foreign automakers, including Nissan and Chevrolet has plans for further improvements in their opportunities to increase production in Russia. Chevrolet is planning to launch a total of 37,000 cars this year compared with 23,000 vehicles a year earlier.

AEB Automobile Manufacturers Committee forecast last month that a total of 1.8 million cars will be sold in Russia this year.

"It is clear that the Russian automotive market has rebounded in 2010 with our latest forecasts, suggesting an increase of almost 20 percent,"David Thomas, president of the AEB Automobile Manufacturers Committee, said.

"Despite falling almost 50 percent from 2008-2009, in 2009, the market for 1.5 million cars and light commercial vehicles is still a very important market ".

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