Russia Overtakes Germany To Be The 3rd Largest Automarket In The World
Agent009 submitted on 7/14/2008 Official Bell & Ross Timestamp: 10:29:54 AM
29 user comments | Category: Misc News | Source: | SOURCE: www.businessweek.com
t's a remarkable landmark for Russia's development as a consumer market.
According to figures published July 9 by consultancy PricewaterhouseCoopers, Russia recently overtook Germany to become the largest car market in Europe. PwC notes that some 1.645 million new cars were registered in Russia during the first half of 2008, compared with 1.63 million cars in Germany. "The Russian auto market is still witnessing an astonishing growth," the report concludes. Russia certainly has come a long way since Soviet days. Back then, cars were a luxury enjoyed by a minority who had to wait for years to acquire locally made Ladas and Volgas. It's a very different story now, as Russia's increasingly affluent consumers splash out on new sets of wheels, helped by cheap credit and oil-fueled economic growth. As any visitor to Moscow can tell you, Russian roads are now crammed (and all too often jammed) with vehicles of every description. Nowadays, most of them are of Western or Asian design, from sturdy Renault compacts, to chunky Mitsubishis and Chevrolet Jeeps, to high-end Mercedeses and BMWs.
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