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HomeBusinessChinese cars taking over Russian market — RT Business News

Chinese cars taking over Russian market — RT Business News

Russian imports of Chinese cars nearly tripled from January to May this year, a Russian customs official told RIA Novosti on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

According to Ruslan Davydov, imports of construction equipment from China during the same period surged eightfold.

The official attributed the growth of imports from China to the exodus of Western businesses. Major American, European, Japanese and South Korean automobile makers left the Russian market last year due to sanctions.

Davydov claimed that Western firms “are shooting themselves in the foot” by withdrawing from the Russian market.

Automobile sales in Russia grew 2.6 times in May, which was slightly lower than in April. A total of 72,200 cars were sold last month, with Russian brand Lada accounting for 30% of sales. AvtoVAZ’s Granta was the best-selling model on the domestic market, while second and third most popular brands were Chinese.

For more stories on economy & finance visit RT’s business section

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