Carmakers Get Caught In The Freefall

New vehicles sales in Russia continued to plummet in July, falling a staggering 58% year-on-year (y-o-y), to 157,816 units, according to estimates from the Association of European Businesses (AEB). Although the fall was led by both the foreign and domestic carmakers alike, Deputy Prime Minister Alexander Zhukov has called for renewed support measures for domestic market leader AutoVAZ, which posted a 44% y-o-y fall in its vehicle sales, to 212,296 units in 7M09 and may have to make further production cuts at its Togliatti plant.

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