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Russia has become Europe’s largest automotive market after year on year sales grew 41 percent in the first six months of 2008, according to a survey by Price Waterhouse Coopers.
In this period, 1.65 million cars were bought in Russia compared to 1.63 million in Germany, which was previously Europe’s largest market.
It is foreign brands that have been driving the expansion, with a 54 percent increase in the number of imports.
In contrast, Russian brands only made up a quarter of all the cars sold in Russia according to the PWC report.
Foreign brands being produced in Russia also grew by 41 percent in the first 6 months of this year to the same period in 2007. The number of foreign cars produced here is expected to rise form 440,000 to 2 million in 2012. They are also expected to expand into production of components for market is also set for dramatic growth in the next few years, according to the PWC report.
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European Cars, Automotive
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on Tuesday, July 1st, 2008 at 9:15 pm and is filed under Worldwide, European Region, Car.
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