Russian automobile market, production to grow 30%-40% in 2024 - Manturov

MOSCOW. Dec 26 (Interfax) - Russia's automobile market and production will grow 30%-40% in 2024, First Deputy Prime Minister Denis Manturov said.

"The overall market will reach 1.8 million vehicles at the end of the year, including 1.5 million cars. Russia will produce around 980,000 automobiles, 750,000 of them cars," he told the Rossiya-24 TV channel.

"Growth, both of the market and output, will be between 30% and 40%," he said.

Automobile sales came to 1.32 million and production 724,000 in 2023.

Industry and Trade Minister Anton Alikhanov said this week that his ministry expected production of motor vehicles in all segments to grow 13% to more than 950,000 for the year. But "next year will be more difficult than this one for both the auto market and automakers," he said.

He recalled that the current version of the strategy for the auto industry projects sales of 1.58 million motor vehicles, including 1.3 million new cars. Production is supposed to grow to 1.1 million tonnes vehicles in 2025. Alikhanov said these figures were "fairly ambitious."