Market dynamics in Russia for the first nine months of 2023
Izvestia reports, citing industry insiders, that price movements were influenced by fluctuations in the ruble’s exchange rate against the yuan and by the rising cost of foreign equipment recycling fees, which have increased by about 1.7 times since August 1, 2023. A related concern involves truck service, where the growth of truck distributors has outpaced the dealer network’s capacity to repair tractors, given the required expertise and resources. This gap has implications for maintenance, uptime, and total cost of ownership for fleet operators across the country.
In Russia, the total sales of new vehicles for the first nine months of 2023 reached 896.2 thousand units. This represents a 1.5 fold increase compared with January through September of the previous year. Passenger cars accounted for roughly 80 percent of the market, with 717.3 thousand new passenger cars sold by the end of September, marking a 51 percent rise against the same period in 2022. Broad-based growth was observed across all segments of the market. Trucks showed the strongest expansion, climbing 81 percent year over year to reach 105.8 thousand units sold for the nine months.
Looking ahead, analysts had estimated a softening trend for the fourth quarter of 2023, predicting a decline of roughly 5 to 10 percent in new passenger car sales compared with the third quarter results. The slowdown was anticipated as market dynamics shifted and consumer demand adjusted to evolving macro conditions, even as overall momentum remained positive for the year.
Earlier statements indicated plans for unmanned truck movements to be established between Russia and China, signaling potential shifts in cross-border logistics and autonomous trucking applicability in the region. This development aligns with ongoing interest in automation and efficiency improvements within the broader transport sector.