According to Chinese customs data, the volume of imports of passenger cars from China to Russia amounted to $11.66 billion in monetary terms. Sales growth in this segment amounted to 539.67%.
The same figure for 2022 compared to 2021 was only 10.66%. In 2021, a double increase was observed compared to 2020.
In general, imports of land vehicles in 2023 increased 2.5 times and amounted to $22.52 billion.
The editor-in-chief of the magazine “Behind the Wheel,” Maxim Kadakov, in an interview with RTVI, said that in 2021, cars from China accounted for about 7 percent of the total volume of vehicles. Currently, this figure is approximately 60 percent. This volume also includes cars assembled in China by foreign companies.
The cost of cars does not decrease despite the growing volumes of imports. Cars from the People’s Republic of China could not completely displace the foreign cars of automakers that left the Russian Federation. According to statistics, on average about 1.7 million cars were sold in the Russian Federation per year. In 2023, the volume amounted to 1.056 million units, including Russian production.
Manufacturers from China are in no hurry to transfer production to the Russian Federation due to various factors. It is more important for them to retain the markets of Southeast Asia, the Middle East, Mexico, and Europe. China fears sanctions pressure from Western countries, since automakers depend on Western technologies, machine tools, and software.
Sales in 2024, according to the expert, should range from 1.075 million to 1.75 million cars. At the same time, growth will slow down.
Source: Rosbalt
Mario Twitchell is an accomplished author and journalist, known for his insightful and thought-provoking writing on a wide range of topics including general and opinion. He currently works as a writer at 247 news agency, where he has established himself as a respected voice in the industry.
