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Wheels off Russia auto sales
Wheels off Russia auto sales
Posted Thursday, Oct 15, 2009, 3:44 pm in Employee News
Two years ago, the world’s major automakers were scrambling into Russia to take advantage of an oil-fueled boom in demand that has since collapsed, The Detroit News reported.
Unlike most emerging markets, which dipped during the slowdown but are now recovering, Russia’s auto market appears to be stuck at the bottom, the paper said. Last month, car and light commercial vehicle sales fell 52 percent to 127,832. So far this year, they are down 51 percent, according to the Moscow-based Association of European Businesses, the News said.
Forecaster CSM Worldwide predicts Russian auto sales will fall by half this year, to 1.43 million cars and trucks from 2.94 million in 2008, the paper said. It does not expect them to recover to 2008 levels until after 2015, the story said. (The Detroit News)
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