Hyundai sees Russia’s car, LCV market rising 5% in 2019

MOSCOW, Dec 24 (PRIME) -- Russia’s market of new cars and light commercial vehicles (LCVs) will expand by up to 5% next year to about 1.9 million vehicles, Alexei Kalitsev, managing director at Hyundai Motor CIS, told reporters on Monday.

“If we discuss next year, we see a rather positive trend, but growth dynamics will be slightly slower compared with 2018. We expect that the market will amount to about 1.9 million (vehicles) next year, which is an about 5% increase. Judging by expectations and by our market share of 10%, we plan to sell about 190,000 cars,” he said.

Still, the forecast of a 5% growth is an average figure, and the company forecasts market growth to range from zero to a 10% increase next year depending on market conditions and political events, he said.

Supply of used cars should also significantly expand on the market, where about 3 million new cars were sold in 2013, and clients would come to dealers wanting to swap their five to six year old cars for new ones, he added.

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