"So far government support measures have not been able to stop the decrease in sales or change the continuing trend," Martin Jahn, vice chairmen of the AEB Automobile Manufacturers Committee was quoted as saying by Autonews.
Among the biggest losers in Russia were bankrupt American manufacturer GM, alongside the sole Detroit Three survivor, Ford Motor. GM's Chevrolet brand, the country second best selling vehicle, registered sales drop of 52 percent, while Ford, which ranks third in Russia preferences, hit rock bottom by posting a 69 percent plunge in Russia. And this in a market not so long ago credited with the biggest chance of becoming Europe's leading market this year.
Russia's current market boost program calls for subsidies to be offered to banks for charging lower rates on car loans, but it only covers 30 foreign and domestic manufacturers and models which cost 350,000 rubles ($11,400) or less.
"The volume of funds for the program should be increased extending the program to all locally manufactured cars, lifting the threshold of the program from 350,000 to 600,000 rubles as soon as possible," Jahn added.
As for local brands, they didn't manage to do better either. Russia's best selling brand, Lada, registered a 54 percent drop in sales, totaling 28,163. Total volume in the country dropped to 280,900.
Google News