Russian passenger vehicle market might drop 15%-20% in 2014

March 25, 2014. The Russian light commercial vehicle market might sag considerably enough in 2014, LCV sales might drop by 15% to 20%, GAZ Group LCV Development Director Pavel Sereda told reporters.

'We definitely expect a certain decline given the current economic situation. Our forecast is a decrease of 15% to 20%,' Sereda said. He explained the decrease would have to do with the weakening of the ruble that will affect foreign car sales first and foremost, Prime reports.

The European Business Association announced at the beginning of January that new LCV sales were expected to decline by 1.6% in 2014 compared with a year earlier (down to 2,73m cars). In 2013, new LCV sales in Russia declined by 5.5%, down to 2,78m cars.

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