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Russian car sales rebound again as coronavirus continues to push European auto markets down

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A board showing currency exchange rates of the dollar and euro against the ruble, Moscow © Sputnik / Anton Denisov
Russian ruble will recover despite current volatility, Kremlin says

“Traditionally September is a good month for the automotive business. Besides deferred purchase demand and weakening ruble, lower travel activities and the state support measures led to the third growth month this year,” Thomas Staertzel, chairman of the AEB Automobile Manufacturers Committee said earlier this week.

The Russian car market seems to be in better shape than some of its European counterparts, at least judging by September’s performance. Only a few European countries saw increased car sales, including Europe’s biggest auto market, Germany, and Italy, where new registrations also climbed for the first time this year.

New car sales in the UK tumbled over four percent last month, hitting the lowest level in over two decades. Meanwhile, new car registrations in France are believed to have declined around three percent in September, rebounding after a dramatic decline a month earlier, when year-on-year sales fell by nearly a fifth. The car market in neighboring Spain is also facing a setback, with car sales declining around 14 percent in September, extending the sharp decline recorded in August.

For more stories on economy & finance visit RT’s business section

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