Increase in luxury car registrations in Russia

(MENAFN) Despite the departure of Western automakers due to sanctions, Russia saw a notable 22 percent increase in the number of luxury cars registered last year, as reported by business daily RBK. This information is based on an analysis of federal tax audit data. Research conducted by the FinExpertiza consultancy revealed that the "luxury tax" applied to cars priced at 10 million rubles (USD100,000) or higher experienced a substantial 31 percent rise last year, amounting to 3.34 billion rubles (USD33.5 million).

In terms of ownership distribution, individual owners accounted for approximately 12,800 luxury cars in 2022, while enterprises and organizations registered around 7,000 vehicles. Moscow and its surrounding region emerged as the epicenter of luxury vehicle purchases in Russia, accounting for nearly half of the total acquisitions, totaling 9,800. Following closely, St.
Petersburg registered 2,000 luxury vehicles. Impressively, no less than 76 Russian regions demonstrated an uptick in the number of luxury car registrations last year. Notably, the most substantial percentage increases were observed in the republics of Kalmykia, Buryatia, Dagestan, as well as the Amur Region.

This surge in high-end car registrations in Russia signals a noteworthy trend, defying expectations in the face of economic challenges and sanctions. The data underscores the enduring allure of luxury automobiles within certain segments of the Russian market, shedding light on the diverse economic dynamics at play within the country's automotive industry.

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