February 23, 2024 6:45 pm

Truck sales in Russia on course for all-time record — RT Business News

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More than 120,000 new vehicles were sold in the country in the first 11 months of the year

Sales of new trucks in Russia have been skyrocketing this year, with sales topping 128,000 vehicles between January and November, according to data from the Ministry of Industry and Trade published this week.

Statistics show that during the 11-monnth reporting period, truck sales reached 128,069 vehicles, an 81.5% annual increase. In November alone, 12,067 trucks were sold in the country. Analysts expect final sales for 2023 to surpass the all-time high of 128,900, recorded in 2012.

Of the trucks sold in Russia so far this year, giant KAMAZ sold the largest number, at 26,066 vehicles, taking a 20% share of the market. It was followed by Chinese manufacturers Sitrak (21,678), Shacman (18,540) and FAW (11,782).

Experts note that the boom in truck sales stems from several factors. With Western sanctions placed on Russia over the Ukraine conflict, many carmakers quit the country’s market, including Volvo Trucks, Mercedes, Scania, MAN, DAF, Iveco, Renault, Mitsubishi, Fuso and Isuzu. As a result, last year many Russian importers were either unable to quickly find replacements or decided to postpone new truck purchases. This year, according to a recent report by consultants at Expert RA, most large motor carriers and construction companies have instead been “actively covering the fleet deficit” with Chinese vehicles.

In conditions when manufacturers from Europe stopped supplying cars and spare parts and revoked service licenses, we had to choose Chinese cars,” the head of road-services firm Avtoban Motor Transport, Konstantin Kourov, told Vedomosti news outlet.

According to him, there are “no problems” with the supply of dump trucks and spare parts from China, and the price of a Chinese dump truck can be up to three times lower than that of an EU-made one.

Another reason for the rise in demand for trucks was the rapid growth of cargo transportation by road amid the rise in Russia’s trade with Asian partners, and the active implementation of large infrastructure projects. According to Rosstat, between January and September, vehicle freight turnover in the country jumped by 17.9% year-on-year.

Overall sales of new cars in Russia have, since the start of the year, surged by 58.8%, amounting to roughly 1.2 million vehicles.

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

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Original Source: Truck sales in Russia on course for all-time record — RT Business News

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