August 7, 2018 14:02 CET
New-car sales in Russia rose 11 percent in July, buoyed by strong consumer confidence, the Association of European Businesses (AEB) lobby group said.
The main driver of growth “remains the continuous positive trend in consumer confidence, encouraging customers to finally exchange their older car for a new one,” Joerg Schreiber, chairman of the AEB Automobile Manufacturers Committee, said in a statement on Tuesday.
The AEB said 143,452 new cars and light commercial vehicles were sold in Russia in July.
Schreiber said last month that he expected a positive sales momentum to continue in the coming months.
Automakers, dealers and analysts expect a plan to raise value-added tax on vehicles next year to lead to higher prices and a slowing of demand.
Most brands reported increases last month, with Mitsubishi leading gains with a 132 percent jump. Skoda was the next big winner, with a rise of 25 percent, while BMW brand sales rose 24 percent.
Sales at Toyota grew 22 percent and 20 percent at Hyundai, while VW brand increased 19 percent.
• Download PDF, above right, for July and 7-month sales by brand, automaker and group.
Kia gained 14 percent, Lada 11 percent and Nissan was up 4 percent.
Renault bucked the trend in gains last month falling 4 percent, while Ford dropped 6 percent.
Seven-month sales increased 17 percent to 992,637, the AEB said.
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