Russia reports strong car sales growth ahead of predicted coronavirus fall
Compared to the same month last year, car sales in Russia rose by 23% in March, as consumers rushed to buy new vehicles ahead of the anticipated price rises caused by the sharp decline of the ruble. In April, sales could drop by as much as 80 to 90% as the country is being put under quarantine.
In March, 160,640 new vehicles were registered, reports Autostat. Year-on-year, sales went up by 16% to hit 375,649 units.
This growth was primarily attributed to consumers wishing to buy cars at their old prices before the inevitable price increases following the ruble’s loss of 20% of its value.
Meanwhile, Moscow and a growing number of other parts of the country have been put in self-isolation, leading to a sharp decline in sales numbers.
Analysts believe market recovery following the coronavirus lockdown and the impending price increases will be slow.
Image: deserted streets in Moscow as the government has imposed a stay-at-home order, March 2020 (copyright: Shutterstock)