PRESS: Russian govt may scrap car fleet renovation program in 2017

MOSCOW, Sep 16 (PRIME) -- The Russian government may abolish a car fleet renovation program in 2017, which has been stimulating demand for cars through discounts for customers during two years, Kommersant business daily reported Friday citing sources.

The program encompasses discounts of 40,000–350,000 rubles on new cars on condition of utilization of old cars and the trade-in mechanism.

The car fleet renovation program was the first measure introduced in September 2014 to support the car market. The government spent 22.5 billion rubles on the program both in 2015 and 2016. According to the Industry and Trade Ministry, a total of 263,700 cars were sold through this program in January–August.

(65.2170 rubles – U.S. $1)

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