Russia’s new car sales increased by 69% in 2023, and Chinese brands already account for 47%

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Data from PPK JSC reveals a remarkable 69% year-on-year increase in Russia’s new car market in 2023, reaching 1,058,708 vehicles. Despite this substantial growth, the sales volume remains below the levels observed before the Russia-Ukraine conflict in 2021. Owing to sanctions and the withdrawal of most foreign companies, most cars sold in the Russian market now originate from Russia or China.

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Local Russian car brand Lada has experienced a significant surge in sales, escalating from 174,688 vehicles in 2022 to 324,446 cars in 2023. Consequently, its market share has expanded from 27.9% to 30.6%.

The Behavior of Chinese Brands

Chinese cars have also seen a surge in sales, with their market share capturing approximately 47% of all passenger car sales in Russia, totaling around 498,000 units. In the wake of numerous manufacturers exiting the country after the Ukraine conflict, Chinese brands have rapidly gained ground, with six of the top 10 best-selling brands in Russia in 2023 hailing from China.

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The Chery brand stands out with sales reaching 118,950 units, securing the second spot and claiming an 11.2% market share. Moreover, both Exeed, ranking 6th, and Omoda, ranking 7th, are sub-brands of Chery, contributing to Chery’s overall sales figure of around 200,000 cars in Russia in 2023. Chery Group’s global sales 2023 reached approximately 1.88 million vehicles, emphasizing that more than 10% of Chery’s cars find buyers in Russia.

Other Chinese brands such as Haval, Geely, and Changan have also witnessed substantial sales growth, securing the 3rd, 4th, and 5th positions in the sales list.

Despite the prevailing sanctions, some analysts anticipate that Russia’s car sales will persist in their growth trajectory throughout 2024. Projections suggest a further increase in automobile sales by 25-30% on the current basis, potentially reaching 1.3-1.4 million units in 2024.

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Source: Bestsellingcarsblog

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