MOSCOW, Jun 6 (PRIME) -- Russia’s sales of new cars and light commercial vehicles (LCVs) fell 6.7% on the year to 137,624 vehicles in May, the Association of European Businesses (AEB) said in a statement on Thursday.
In January–May, sales of cars and LCVs fell 2.2% to 677,570 units.
“No good news from the automotive market in May, instead a nearly 7% drop in sales volume - the most noticeable year-on-year loss in over 2 years… The main reason of the current trend … remains a weaker retail demand, driven by macroeconomic factors such as rising household costs in the wake of the VAT increase earlier this year.,” AEB quoted Joerg Schreiber, chairman of the AEB Automobile Manufacturers Committee, as saying.
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