Russian Auto Market to Surpass Europe s by 2014
Post on: 2011-07-19 By: admin
Russian models showcase a compact car built by VAZ (Volzhsky Automobilny Zavod) during a 2005 auto show in Moscow. Car sales on the rise in Russia thanks to the government's cash for clunkers program. AFP PHOTO / DENIS SINYAKOVRussia is on its way to surpassing Germany and other European nations as the region's biggest automarket by 2014, Trade Ministery Viktor Khristenko told reporters in Moscow on Tuesday.
Russia was the fifth largest European automarket in 2010, trailing Germany, the UK, France and Italy, but Khristenko said that Russia had since moved to the No. 3 position. In an article in Ria Novosti Tuesday, Khristenko said, “The steady growth trend for Russian production and the domestic market has turned the country into Europe’s third largest car market by sales in the first five months of the year. I am absolutely sure that we’ll become Europe’s largest car sale market by 2014.”
Earlier this year, Russia initiated a cash-for-clunkers program. Passenger vehicle sales rose 77% in the first two months of 2011, the Association of European Businesses said in March.
The Russian government signed deals worth $6.3 billion with foreign auto makers earlier this year, including $1.1 billion from Fiat to invest in the expansion of a local automobile factory and another factory to produce engines, Dmitry Levchenkov in the project finance department at the Economic Development Ministry told reporters in January. General Motors is expected to invest about $1 billion to expand and modernize its Russian facilities, while Volkswagen will invest $900 million, he said.
See: Fiat, GM, Others to Invest $6.3bln in Russia
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Russia was the fifth largest European automarket in 2010, trailing Germany, the UK, France and Italy, but Khristenko said that Russia had since moved to the No. 3 position. In an article in Ria Novosti Tuesday, Khristenko said, The steady growth trend for Russian production and the domestic market has [...]
Article original from: http://blogs.forbes.com/kenrapoza/2011/06/28/russian-auto-market-to-surpass-europes-by-2014-says-official/
