Reuters said Russia has become China’s biggest export market for cars.
Sales of Chinese cars in Russia have reached a peak. Domestic production continues following the departure of Western automakers, but recent market growth may have stalled due to high import costs. This was reported by Reuters on Friday, November 24.
The Russian auto market and China’s role in it have stabilized after nearly two years of turmoil caused by sanctions imposed on the Russian Federation and the sudden withdrawal of Western companies after Russia’s invasion of Ukraine.
Before the invasion in February 2022, Chinese cars accounted for less than 10% of the Russian market. In August 2023, the Chinese brand’s share of sales reached a peak of nearly 56%.
Chinese carmakers such as Haval, Chery and Geely are benefiting from the departure of Western players who dominated the market before the invasion of Ukraine, reflecting Russia’s growing reliance on Beijing and deepening ties. -economy in China while the West kept Russia out of the war.
Russia has become China’s largest export market for cars, reaching $9.4 billion in January-October. In the same period last year, car exports to Russia reached $1.1 billion.
Monthly car sales in Russia more than doubled from last year. Separate data from Rosstat showed vehicle production in September was almost three times higher than the same period last year, highlighting the sector’s slight recovery.
As we have already written, in the five months from the beginning of 2023, Chinese automakers exported more cars to Russia than to any other country, filling the niche that appeared after many global manufacturers left the market of Russia.
Source: korrespondent
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