Russia's new car sales up 48% in 2024, says Autostat

(Reuters) - Sales of new passenger cars in Russia rose by 48.4% year on year in 2024 to 1.571 million vehicles, Russian analytical agency Autostat said on Friday.

Russia's car market slumped in 2022 following its invasion of Ukraine, which led to the exodus of Western automakers from the country.

Sales of top Russian automaker Avtovaz increased 34.4% in 2024 to 436,155 cars, accounting for 28% of the market, the agency reported.

Car sales have been steadily recovering since the end of 2022, but growth slowed at the end of last year as high inflation, loan rates and scrappage fees pushed prices up.

In December, car sales increased only 3.3% to 123,431 vehicles, with Chinese brands taking eight of the top 10 positions, Autostat said.

Sales in 2025 are seen dropping by around 10% to 1.43 million vehicles, Sergei Tselikov, head of Autostat, said in December.

(Reporting by Gleb Stolyarov; Editing by Alexander Marrow and Mark Potter)