RUSSIA'S NEW CAR SALES RECOVER TO 1.06 MILLION UNITS IN 2023

Sales of new cars in Russia rebounded in 2023 to 1.06 million units, data from Russian analytical agency Autostat showed on Wednesday, as the industry partially recovered from sanctions and the departure of many foreign automakers.

The revival, a 69% year-on-year increase, fell short of car sales in 2021, the year before Russia launched what it calls a "special military operation" in Ukraine, when 1.51 million vehicles were sold. In December 2023, new car sales were 110% higher year-on-year, the data from Autostat and its partner consulting company PPK showed. Chinese carmakers have been plugging the gaps left by their departing Western competitors. But Chinese car sales appear to have peaked at more than 56% of the market as Russia's domestic production now recovers. This year, Autostat experts believe sales will increase by 18% to 1.25 million units, or a 32% increase to 1.4 million units in their more optimistic scenario.

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