VTB: in 2023, every second car on the Russian market will be Chinese
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Due to the departure of American, European and Japanese automakers from Russia, Chinese brands may take their place, whose share in the Russian market in 2023 may exceed 50%. According to VTB Leasing, at the moment manufacturers from China occupy about 30% of the car market in Russia.
“By autumn, dealers of brands from the USA, Europe and Japan that left Russia have almost completely sold out stocks, so all attention is focused on products from China. In our portfolio, the share of transactions with it in the passenger segment increased 5 times, up to 10%,” says Artem Kiselev, Sales Director for Auto Leasing Products at VTB Leasing (quoted from TASS).
The company’s study also notes that the ban on the import of cars worth more than €50,000 into Russia provoked “dramatic changes” in the premium segment. The share of premium cars in the VTB Leasing business in the passenger segment decreased from 20% to 11% over the year, and Mercedes-Benz became the most popular brand in this category (the previous leader was BMW).
By information analytical agency Avtostat, every fourth new car in Russia in the third quarter of 2022 was Chinese. Yesterday, December 20, Deputy Chairman of the State Duma Boris Chernyshov offered to sell the enterprises of automakers who left Russia to Chinese companies.
On the prospects of the Chinese automotive industry in the Russian market – in the material “Kommersant Money” “Chinese Ceremonies”.
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