Growth in new vehicle sales in Russia in May slowed to 58%, market declines 9% versus April - Ministry of Industry and Trade

ST. PETERSBURG. June 6 (Interfax) - The growth in sales of new vehicles of all types in Russia, including cars and light commercial vehicles, trucks and buses, slowed to 58% in annual terms in May 2024, with sales of 146,252 units, which is 9% lower compared to April this year, the Ministry of Industry and Trade said, citing data from Passport Industrial Consulting JSC, a joint venture of Avtostat and Electronic Passport JSC.

There were 125,939 passenger cars sold in Russia (+75% YoY and -7% MoM) last month, as well as 9,712 LCVs (+25% and -16%, respectively), 9,212 trucks (-17% and -16%) and 1,389 buses (-11% and -38%), the ministry said. As reported by the Ministry of Industry and Trade, 160,800 vehicles of all types were sold in April, which represents YoY growth of 66%.

Cumulative sales of new vehicles of all types in Russia for 5M 2024 increased 68% to 698,998 units. The passenger car market has increased 82% since the beginning of the year to 590,993 units.

Deputy Minister of Industry and Trade Albert Karimov, commenting on the Russian car market at a session at a St. Petersburg International Economic Forum (SPIEF)-2024 session, said "we are somewhat ahead of the curve in terms of the forecasts that are currently included in the strategy [for the development of the automobile industry]."

"The main engine of growth is the passenger car segment. Sales increased more than 80% over five months. It is important that our automakers show good dynamics. According to their summary data, 348,000 cars were produced in 5M, over 50% more than in the same period last year. The driver here is also the passenger segment, which saw about 280,000 passenger cars produced in January-May, over 70% more than in the same period last year," Karimov said.