AEB improves outlook for Russia's auto market from 1.3 mln to 1.45 mln new cars sold in 2024, YoY growth of nearly 30%

MOSCOW. July 3 (Interfax) - Russia's market for passenger cars and light commercial vehicles (LCV) could rise to 1.45 million vehicles sold in 2024 instead of the 1.3 million vehicles expected at the beginning of the year, accounting for current trends, the Association of European Businesses (AEB) said in a press release.

"Taking into account various economic, regulatory, and political factors; and assuming that sanctions and other pressure remain at the same level until the end of the year, the Automobile Manufacturers Committee updates its forecast for 2024 to 1.45 million new cars sold," the AEB said in the press release.

The AEB in January this year had projected the market to reach 1.3 million vehicles sold for the year.

The AEB at the beginning of the year had expected the market to grow 15% year-on-year, though its updated forecast currently projects growth of approximately 30% year-on-year.