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Russian Car Sales Skid Lower Amid Economic Gloom
Keywords:
The sharp decline in the value of the ruble combined with high interest rates is having a serious impact on Russia's automobile industry. Major foreign manufacturers are cutting production and laying off workers. Foriegn automakers have raised prices by as much as 56%, according to PwC. Avtovaz, majority owned by Renault and Nissan, cut its workforce by 12,000 in 2014 own to current level of 50,000, and an additional 1100 layoffs are planned for 2015. Volvo Trucks and General Motors plan to suspend production later in 2015. The decline is also reflected in sales of consumer appliances and computers. Popular imported notebook computer prices surged by as much as 54% in Jan. 2015 compared to Oct 2014, according to Yandex.
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International automakers raised prices by as much as 56%, according to PwC. With the sharp decline in the ruble auto sales fell by 24% in January 2015. Sales are expected to be down by 35% for 2015, according to PwC.
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