29 Dec 2021 11:00

Ministry designates around 20 bln rubles to support automobile demand in 2022

MOSCOW. Dec 29 (Interfax) - The Russian Industry and Trade Ministry has designated around 20 billion rubles to support demand in the automotive industry in 2022, but a decision to release the funds will be reached later, depending on the state of the market.

"Some 20 billion rubles have been allocated for measures to support demand, including preferential car loans, leasing, including electric vehicles, and subsidies to buy gas-fueled vehicles, in 2022. But a decision to launch these programs will be made next year depending on the state of the automotive market in Russia at the end of 2021 and early 2022 and on the situation with shortages of cars at dealers," Industry and Trade Minister Denis Manturov told reporters.

The three-year Russian budget allocates a similar overall amount for state programs to support the automotive industry in 2022: 10.3 billion rubles for preferential loans, 4.9 billion rubles for preferential leasing and 3.3 billion rubles to subsidize sales of gas-fueled vehicles.

The Industry and Trade Ministry proposed in the fall to incentivize demand for electric cars as part of the concept for the development and use of electric vehicles until 2030.