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Russian automotive market shrank 9.1% in 2020

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The decline in the Russian automotive market last year exceeded 9%, according to the AEB. The Association predicts 2.1% growth for 2021, but the forecast is based on the absence of new lockdowns and restrictive measures, and experts disagree.

Russian automotive market shrank 9.1% in 2020

In 2021, the growth of the Russian car market will amount to 2.1%, the forecast for sales is more than 1.6 million cars, the chairman of the committee of automakers Thomas Stärzel said at the annual conference of the Association of European Businesses (AEB). According to him, the forecast is based on the fact that there will be no more lockdowns in the country, restrictive measures in foreign trade (in particular sanctions) will not be applied and all existing state support measures will be preserved.

In 2020, the market decreased by 9.1%, to 1,598,825 pieces, according to the AEB, and in 2019 - by 2.3%. The year was a serious test, but dealers did without major bankruptcies and mass exits from the market, said Stärzel, Russia was one of the first to respond to the crisis and took state support measures that contributed to a quick recovery after the lockdown. Despite all the difficulties, in terms of sales dynamics in 2020, Russia showed one of the best results among the largest automotive markets in the world, and in Europe it moved into fourth place, Stärzel said.

In 2021, the Russian automotive market will grow to 2-5%, according to VTB Capital analyst Vladimir Bespalov. The base of 2020 is relatively low, it is likely that the coronavirus pandemic will recede and the economic situation in Russia will stabilize, which will drive demand for new cars, he hopes. Bespalov believes that the demand will be supported by the state support programs for car manufacturers. All previous state support programs have worked well, he explains.

At the end of last year, the government extended the program of concessional loans "First Car" and "Family Car" until the end of 2023. The discount for obtaining a loan for a new car made in Russia ranges from 10% to 25% of its cost. In December, Deputy Minister of Industry and Trade Alexander Morozov announced that state programs for concessional lending would begin to work in early 2021. The Ministry of Industry and Trade confirmed to Forbes that the state program has started working.

All models of UAZ, LADA, GAZ participate in preferential car loan programs. And also the models Renault Logan, Sandero, Duster, Kaptur, Arkana, Kia Rio, Hyundai Creta, Solaris. In 2021, 8.87 billion rubles will be allocated for preferential car loans.

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