New vehicle registrations in Russia have increased for the fifth straight month on the back of higher sales as the market emerges from a four-year recession. An increase in activity is also noted in car dealerships such as Arena Kars in St. Petersburg, which sells new and used cars, offering credit and trade services.
New vehicle registrations rose to 129,685, the Association of European Businesses (AEB) reported. Seven-month sales rose 8.5% to 848,214 units. Market leader Lada's sales rose 22 percent, while sales of Kia, the country's No. 2 brand, rose 37 percent. Hyundai's third position rose 11 percent. Renault, brand No. 4, registered a 20 percent increase, as did Nissan, with Nissan qashqai leading the model .
AEB Automobile Manufacturers Committee Chairman Jörg Schreiber said: "The trend is optimism that 2017 will be a pivotal year." “It looks like the middle-class shopper is finally awake, aided by a brighter view of the economy and an encompassing package of buying incentives made by the government,” Schreiber said in a statement.
Among other automakers, sales of Volkswagen brands rose 24 percent, while sales of Toyota, which ranked fifth, rose 12 percent. While Ford registrations rose 24 percent including the new Ford Mondeo .
AEB expects sales to rise 4 percent this year as Russia emerges from the economic crisis fueled by low oil prices and Western sanctions on Moscow's actions in Ukraine.
