Mon. Jul 22nd, 2024

The car market of the aggressor country quickly recovered with the help of totalitarian China

Natasha Kumar By Natasha Kumar Jul3,2024

The automobile market of the aggressor country quickly recovered with the help of totalitarian China

Car sales forecast in Russia for 2024 increased to 1.45 million units from 1.3 million.

This is reported by Reuters.

The report says that Russian car sales in 2024 will be higher than previously forecast and reached 1.45 million units, according to the Association of European Businesses (AEB).

According to the Association, the market responded better than expected to challenges associated with imports and high interest rates.< /p>

Russia's auto market is gradually recovering from a collapse in 2022, while Chinese automakers fill the gaps left by Western competitors, most of whom left Russia after the conflict in Ukraine began.

In January By 2024, the association predicted that sales of new passenger cars would rise 15% year on year to 1.3 million units.

The departure of Western automakers has led to a surge in imports of parts and vehicles. Russia has allowed the so-called “parallel import” of goods. many goods that could enter the country without manufacturer permission.

The forecast was said to have been raised to take into account various economic, regulatory and political factors and assume that sanctions and other pressures will remain at the same level until the end year.

From the beginning of the great war until July 2023, Russia imported at least 3,600 luxury cars, despite the fact that the G7 countries introduced restrictions on the export of such goods to the Russian Federation at the beginning of March 2022.

Prepared by: Nina Petrovich

Natasha Kumar

By Natasha Kumar

Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my natasha@thetimeshub.in 1-800-268-7116

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