5 Jul 2022 09:25

Russian programs to support auto industry to restart in July

YEKATERINBURG. July 5 (Interfax) - Banks and leasing companies will receive funding to relaunch subsidized auto loan and leasing programs in July, Industry and Trade Minister Denis Manturov said at the plenary session of the Innoprom-2022 exhibition.

"After a meeting with the president a decision was made to support demand in the auto industry in the amount of almost 21 billion rubles. Starting this month these funds will already begin to be used by our banks and leasing companies that will participate in the auto loan and subsidized leasing programs. We will continue the program to support natural gas vehicles. And, of course, electric automobiles will also be subsidized," Manturov said.

The relaunch of the main measures to support demand in the auto industry was approved following a sectoral meeting with President Vladimir Putin in mid-June. The government plans to spend 20.7 billion rubles on these programs in 2022.

Manturov said in June that the government plans to spend 10.2 billion rubles on subsidized auto loans, 4.9 billion rubles on subsidized leasing, and 2.6 billion rubles and 3.3 billion rubles, respectively, on discounts for electric and gas vehicles.