Russia Responds to 6.4 Percent Decrease in Year-to-Date Sales with Government-backed Stimulus Program to Jumpstart the Market
How Can OEMs and Local Assemblers Position Themselves for Sustainable Growth?
DETROIT, November 7, 2013 – After doubling in size from 2009 to 2012 to more than 2.9 million units in new vehicle sales, the Russian automotive market has experienced a 6.4 percent decline year-to-date, prompting Russia's Ministry of Industry and Trade to initiate government-backed subsidies. Under the program, which began in July, the Central Bank of the Russian Federation will subsidize two-thirds of automotive loan financing rates to banks. Qualification stipulations include a maximum price of 750,000 Rubles (approximately $23,000 USD), a 15 percent down payment, and a maximum loan term of 36 months. Ministry officials estimate the program will provide for an additional 250,000 units in vehicle sales.
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