Hyperdrive
Car Market’s Turn East May Signal Russia’s Economic Future
- Sales nearly double since May after sanctions sparked collapse
- Chinese vehicles now make up more than 30% of Russian sales
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Russia’s car market is eking out growth again, in a sign of what may lie ahead for an economy retooling under the pressure of international sanctions over the war in Ukraine.
Perhaps no industry in Russia suffered a bigger fallout from President Vladimir Putin’s invasion of Ukraine in late February, with output of light vehicles collapsing by nearly 97% three months later and car sales down more than 80% when the crisis peaked in May and June.