The share of loans for the purchase of Chinese cars reached 50%

In some Russian banks, the share of car loans for the purchase of new Chinese cars has reached 50%, transmits “Kommersant”.

In particular, according to the results of the first half of 2023. VTB issued about 7,000 loans for 12.5 billion rubles. Of these, approximately 50% accounted for Chinese cars. In the structure of car loans of Otkritie Auto Bank for new cars, the share of Chinese cars amounted to 26% of the total number of transactions and 34% of the volume. A similar situation exists in the bankZenith» in less than five months – there the share of car loans for new Chinese cars amounted to 29%.

Experts interviewed note that the growth in demand for the Chinese auto industry is associated with discounts, subsidies and installment options that concerns offer when buying a car. According to Irina Lapko, director of NRA ratings for financial companies, preferential car loans with state support apply to some models. This program also includes Chinese Haval, which are produced at a plant in the Tula region. These cars take from 10 to 16% in the structure of loans, depending on the bank.

In early July, Vedomosti wrote, that from January to May 2023, China exported 1.933 million cars to other countries, which is 79.8% more than in the same period of time in 2022. Russia became the leader among countries importing Chinese car brands. During this period, China exported approximately 287,000 cars to Russia, in monetary terms, the volume of deliveries increased five times compared to the same period last year – up to $3.57 billion against $685 million.