Mobile UPI  |   About UPI  |   UPI en Español  |   UPI Arabic  |   UPIU  |   My Account
Search:
Go

Polk predicts Russian car market will rise

|
|
 
  
Published: Feb. 22, 2008 at 10:50 AM
Advertisement

ESSEN, Germany, Feb. 22 (UPI) -- Automotive industry researcher R. L. Polk said Friday that Russia will become Europe's largest market for new cars by 2010.

The forecast is based on an upswing in new automobile registrations in Russia and stagnating sales in other European countries, the report said.

Exceeding 2 million for the first time, new car registrations in Russia reached 2.35 million in 2007 with new car sales topping 1 million in each of the past 5 years, the researcher said.

Polk estimated new car registrations to hit 3.7 million by 2010, a 60 percent increase.

"For Toyota, Nissan, Mitsubishi, Hyundai, Kia and Chevrolet, Russia represents the strongest European market in terms of sales," said industry analyst Ulrich Winzen.

While demand for cars is on the upswing in Russia, AvtoVAZ, maker of the best-selling Russian car Lada, has seen its share of the market declining in recent years, falling from 70 percent of the market in 2002 to 27 percent of the market in 2007, the report said.

Topics: L. Polk
© 2008 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.

Order reprints
  
Join the conversation
Most Popular Collections
Protesters, police clash at NATO summit Notable deaths of 2012 2012 Billboard Music Awards
The 137th Preakness Stakes Annual Solar eclipse occurs in U.S. Chen Guangcheng arrives in the U.S.
Additional Business News Stories
1 of 26
President Obama Delivers the Commencement Address at the Air Force Academy Graduation in Colorado
View Caption
Air Force Academy cadet Katherine Lee Dials reacts as another cadet replaces her shoulder boards after walking the line at the United States Air Force Academy Graduation Ceremony at Falcon Stadium on May 23, 2012 in Colorado Springs, Colorado. The Air Force Academy graduated 1074 cadets this year. UPI Photo/Marc Piscotty.
fark
What a 19-year old said after peeing in the back of a police car: C) I told you I had to go, you...
Yes I built a gigantic bull sculpture next to the highway. DO I LOOK CRAZY TO YOU?
Kid refuses to wear hearing aid because "Superheroes don't", so Marvel creates one for him
If you are in the mood for a real-life adventure story, read about William Morgan, an American who...
Four-alarm fire on board nuclear submarine in dry-dock at Maine naval base. In other news, half-price...
Nut Liquor is pretty good except it sometimes feels like it's sticking to the roof of your mouth...