Data indicates that Russians spent obscene amount on vehicles in 2024
Date
1/31/2025 11:33:19 PM
(MENAFN) Russians spent a record 4.91 trillion rubles ($50.1 billion) on new cars in 2024, according to data from the analytical agency Avtostat. This marks a 57% increase from 2023, driven by both a rise in car prices and the highest sales volume in the past five years—1.57 million new vehicles sold.
Chinese and domestic Russian brands led the market, filling the void left by Western and Japanese automakers who exited following sanctions and geopolitical tensions. Chinese-made cars accounted for about 62% of spending, while Russian brands took a 17.5% share. European brands made up 11%, Japanese cars accounted for 5.4%, South Korean vehicles 1.6%, and American brands just 1%.
The Russian car market has drastically changed since the sanctions were imposed in 2022, with Western, South Korean, and Japanese manufacturers pulling out, shrinking their combined market share from 69% to just 8.5%. Meanwhile, Chinese companies like Chery, Geely, and Great Wall Motor significantly expanded their presence, and domestic production has been boosted with brands like Lada remaining popular.
The growth of Chinese and Russian vehicles has driven their popularity, thanks to their increased availability and affordability. In response to the shifts in the automotive landscape, Kremlin spokesperson Dmitry Peskov recently suggested that foreign automakers returning to Russia would boost competition and benefit consumers with higher-quality, lower-priced cars.
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