Russia’s CBR maintains key rate at 16%
5 hours ago
The sale of new cars grew for the second year in a row in 2018 after nearly five years of contraction, the Association of European Businesses (AEB) reported on January 14.
In 2017, the new car market grew by 12%, and in 2018 by 13% to 1.8mn vehicles. The sales of passenger cars and light commercial vehicles in Russia in 2019 will grow by 3.6% to 1.87mn units, according to AEB.
In December, the car market grew by 5.6% to 175,000 units. Previously, the AEB said it did not expect a significant slowdown in December, suggesting that buyers would rush to take advantage of the pre-New Year price offers, including the old VAT rate. Since January 2019, VAT, including on cars, has increased from 18% to 20%.
“We consider it necessary to preserve state support measures for the industry, although they remain unclear,” the AEB presentation said. In addition, automakers are worried about a possible increase in the utilisation fee and its double payment for cars produced or imported to Russia for other Eurasian countries.
The AEB automakers' committee head Jörg Schreiber predicts that the market will expand again in 2019, albeit at a slower pace.
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