Minister expects Russian 2022 car production, sales to halve

MOSCOW, Jul 15 (PRIME) – Russia’s car manufacturing and sales can decrease by about 50% in 2022, Denis Manturov, industry and trade minister and presidential nominee for the post of a deputy prime minister, said on Friday.

"You have mentioned the most troubled industry, perhaps, car production. This year will see a decrease of both the production and the market by about 50%," Manturov said.

Russia’s overall industry output may fall by 6% in 2022. "We must switch from a fully market-oriented industrial policy to a policy ensuring technological sovereignty. First of all, to ensure supplies of critical components," Manturov said.

The minister separately said that no problems with fertilizers in Russia are expected soon, because supply is more than 100% higher than demand.

The Industry and Trade and the Finance ministries are working on a mechanism of long-term borrowing in order to finance large industrial projects with state guarantees, he said. "In order to avoid an investment pause, the industry needs long money at minimal rates," Manturov said.

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