Experts spoke about the decline in the share of Chinese cars in Russia

Sales of Chinese passenger cars may decrease by the end of the year to 450 thousand transactions. This was announced on July 10 by experts from Gazprombank Auto Leasing.

In June, 45,2 thousand cars were sold, which is 5% less than last year. The result of six months was 243.5 thousand transactions, minus 15%. The share of brands from China in both periods was 41%. Almost two thirds of the volume in June continued to be provided by only three brands — Haval (16.1 thousand, +76% for the year), Geely (7.6 thousand, +23%) and Changan (5.6 thousand, -11%).

In July, the market in the passenger segment has a chance to exceed 120 thousand transactions, and Chinese brands can find about 50 thousand customers, experts say. The June result was largely achieved due to fears of a sharp rise in car prices after an increase in recycling rates, said Alexander Kornev, Head of Importer Relations at Gazprombank Automotive Leasing.

There was no such sales growth driver this July. In addition, the key rate is not expected to decrease significantly yet. Therefore, we should not expect an increase in loan sales, which was observed from February to June in 2024.

"Against the background of rising fuel prices and logistical problems in the market, inflationary expectations have increased again. At the same time, the tendency to reduce the share of "purebred" cars from China in our market is likely to continue. Many of Chery's customers have already been picked up by the Tenet brand. The businesses of Jeland (Jaecoo and Omoda platforms), Esteo (Exeed) and Volga (Geely) are developing in the same way," Kornev noted.

He suggested that by the end of this year, the share of brands from China will amount to about a third of all sales, and in absolute terms will hardly exceed about 450 thousand transactions.

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