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June 10, 2022 05:01 AM

Russia car sales expected to plunge 51% this year

Russia's Industry Ministry said car sales will fall by about half this year.

Reuters
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    Russia Mercedes showroom
    REUTERS

    Mercedes cars are pictured at a showroom in Saint Petersburg, Russia.

    Russia's Industry Ministry expects car sales to halve in 2022 as the country's automobile industry grapples with supply issues, a senior official said.

    "We saw a sharp fall (in car sales) in April and May," Tigran Parsadanyan, deputy head of the ministry's automotive and railway engineering department, said on Thursday.

    "We expect that some 750,000 cars will be sold on the market by the end of the year."

    Related Article
    How Russia's invasion of Ukraine is impacting automakers
    Russian car sales collapse as Ukraine war leads to supply, price shocks
    Russian new-car sales plummet 84% in May as isolation hits once-hot industry

    That figure represents a 51 percent drop in sales year-on-year.

    The Association of European Businesses (AEB) said on Monday that sales of new cars in Russia in May fell 84 percent to 24,268 vehicles.

    The AEB expects car sales to fall by at least 50 percent this year.

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