Exports of Chinese cars to Russia fell by almost half: Media named the reason

Chinese car exports to Russia have been affected by almost half. It is noted that Russia is no longer the main export destination for Chinese cars, as car sales have slowed down, as consumers, perhaps hoping that the war in Ukraine may end, are waiting for the return of foreign brands. This is reported by Bloomberg, citing the China Passenger Car Association, reports UNN.

Chinese car exports to Russia fell by almost half year-on-year to 57,592 cars in January-February, losing out to Mexico, which received 85,997 cars, and the United Arab Emirates with 71,418 cars 

The publication emphasizes that Russia is no longer the main export destination for Chinese cars after Russia raised taxes affecting car imports, and car sales slowed down as consumers, perhaps hoping that the war in Ukraine may end, are waiting for the return of foreign brands.

Last year, the new car market in Russia reached its highest level in the last five years, with Chinese brands accounting for the bulk of sales, as other international brands left the market after Russia's invasion of Ukraine in February 2022. Higher import taxes and interest rates have led to a deterioration in consumer sentiment in Russia 

It is also noted that if the war ends quickly, foreign manufacturers may return to Russia and start producing and selling cars quickly, so Russian consumers are waiting for the return of European or American products. With this in mind, Chinese automakers are more cautious about their own inventory levels, opting for slow deliveries.

Let us remind you

Trump announced the introduction of 25 percent duties on all cars imported into the United States.