Government Hopes For Autos Recovery in 2010

The Russian government will spend close to RUB33.5bn on supporting its domestic autos industry during 2010, Economic Development Minister Elvira Nabiullina has revealed. Estimates from the Federal State Statistics Service (Rosstat) show that car and truck production fell a staggering 60.4% year-on-year (y-o-y) and 67.3% y-o-y respectively during 11M09, despite the government's low-cost loan scheme and the 30% import duty on foreign car imports.

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