Minister sees car price growth in Russia slowing down in 2022

MOSCOW, Dec 29 (PRIME) -- Russia’s Industry and Trade Ministry expects growth in car prices to slow down in 2022, Minister Denis Manturov said at a briefing on Wednesday.

“We expect the growth rate of car prices to decrease next year,” Manturov said.

According to the ministry’s estimate, prices for cars made in Russia rose by 5–8%, for imported cars within 20% in 2021. Analysts estimate the growth in recommended retail prices at 24–25%, in dealer prices by more than 35% this year, the highest since the crisis year of 2014.

The ministry plans to resume preferential automobile lending and leasing programs, suspended in February, as well as allocate a total of 20 billion rubles to support national car manufacturers in 2022, Manturov said.

Russia is unlikely to increase the recycling fee on cars and trucks in Russia in 2022, despite earlier plans to do so, the minister said.

Despite the measures taken by the government, the shortage of cars in Russia is likely to persist in the first half of next year, as local demand remains extremely high, but the industry is stalling amid the deficit of components.

(73.4959 rubles – U.S. $1)

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