Hyperdrive
Russian Car Sales Plunge as War Leads to Supply, Price Shock
- Automakers halt imports amid international boycott of Russia
- Lada to offer stripped-down model as sanctions roil supplies
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Russian car sales plunged last month as sanctions imposed over the invasion of Ukraine battered the ruble and many global auto companies joined a boycott of the country, leaving buyers confronting sparse showrooms.
New vehicle sales fell 63% in March compared to a year earlier, the biggest decline since a nationwide Covid-19 lockdown in April 2020, the Association of European Businesses said in a statement Wednesday. Rolf, the country’s largest dealership, forecasts demand will fall by half this year to a level on par with Spain, which has one-third the population of Russia, according to Chief Executive Officer Svetlana Vinogradova.