AvtoVAZ said there was no impact on the market of the reduction in the key rate

The reduction of the key rate by the Bank of Russia from 21% to 18% during the year has not yet had a significant impact on the automotive market. This was announced on August 26 by Sergey Gromak, Vice President for External Relations and Interaction with AVTOVAZ shareholders.

"Not so long ago, there was a slight decrease in the key rate. So far, this has not affected the market — we need to look at a longer-term perspective. The situation is too volatile, it is difficult to make forecasts now," Interfax quoted him as saying.

Now, as Gromak noted, AvtoVAZ is discussing the budget and plans for 2026. The top manager shared that, according to one analyst's forecast, consumer activity is expected to increase next year and pent-up demand will accumulate, and the key interest rate will decrease. At the same time, another expert made pessimistic forecasts for the market, said a representative of AvtoVAZ. In general, the Russian car market "is not encouraging yet," Gromak added.

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In July, the Russian car market showed record results since the beginning of the year

On July 22, AvtoVAZ announced that it was considering switching to a four-day working week. The decision will be made in September. The automaker cited the high key rate and stricter regulatory requirements for car loan borrowers as the reasons for the difficult market situation.

Prior to that, on June 18, the head of AVTOVAZ Maxim Sokolov said that the company plans to adjust investment plans and postpone some programs due to unfavorable macroeconomic factors. On June 17, First Deputy Prime Minister Denis Manturov announced that AvtoVAZ would reduce its plan for 2025. He stressed that this would happen for reasons beyond the control of the domestic automaker.

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