China sharply raised car prices in Russia after seizing the local market
The average price of a new Chinese car in Russia has reached 3.06 million rubles ($32 thousand). In the first three months of 2024, the price increase was 9.3% year-on-year, which exceeded the official inflation rate of 7.2%.
The Moscow Times reports.
The price of GAC models rose the most - by 53% - and now costs 4.3 million rubles. Geely comes next: cars from this manufacturer gained 20.4% and on average can be bought in Russia for 3.5 million rubles.
Chery cars went up by 13.3% and are now estimated at 3.2 million rubles.
"Only Haval, which has production in the Tula region, did not show significant growth: cars of this brand still cost about 2.6 million rubles," the publication writes.
In the first quarter, the number of new Chinese cars on Avito Auto increased by 266.6% year-on-year. Chery (+18.5%), Geely (+15.5%), and Haval (+15.1%) are leading the way in terms of supply growth.
Despite the rise in prices, the demand for new cars from Chinese brands in Russia increased by 158% in the third quarter.
Author - Olena Madiak, 22/04/2024
