Report from Reuters showed that the current new car sales of Chinese brand cars accounted for nearly 40% of the new car sales in Russia.
A year ago, from January to February 2022, this accounted for less than 10%. Chinese car brands seized the market opportunities left by companies such as Renault, Nissan, and Mercedes-Benz after they withdrew from the Russian market.
In addition, the report of the Russian Federal Customs Service at the beginning of the year showed that China ranked first in the list of sources of imported new cars in Russia in 2022, with imports increasing by 40% during the year to more than 117,000 vehicles.
According to data released by Autostat in January, sales of new cars in Russia in 2022 dropped by 59% year-on-year to 626,300, of which nearly 30% were Russian brands; followed by Korean cars, accounting for 19.5% of sales; Chinese carmakers are firmly in the top three , accounting for 19.2%; European manufacturers accounted for 18.5% of the market.
At present, the Russian auto market is gradually being occupied by local brands and Chinese brands. Moreover, Russian brands mainly occupy the market below 1.5 million rubles (approximately RMB 167,000 or US$24,200), while Chinese brands focus on the market above 2.5 million rubles (approximately RMB 278,000 or US$40,000).