off-the-wire

UPDATE 1-Russia's February car sales down 62% year-on-year, says AEB

Kitco Media
By Reuters
Published:
Updated:
Reuters



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This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine.

(Adds details, background) MOSCOW, March 6 (Reuters) - Car sales in Russia collapsed by 62.1% year-on-year in February, the Association of European Businesses (AEB) said on Monday, as Western sanctions continued to cause problems for the industry. The AEB said 41,851 vehicles had been sold during February, compared with 110,441 vehicles in February 2022. Russia's auto industry has been one of the hardest-hit sections of the economy following the imposition of Western sanctions last year after Moscow ordered its troops into Ukraine. Car sales collapsed by 58.8% last year, according to the AEB, which surveys Russian car manufacturers. The industry had previously been heavily reliant on Western investment, joint partnerships, supply chains and parts - all of which remain seriously disrupted.

(Reporting by Reuters;)

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