Polk predicts Russian car market will rise

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

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.

© 2008 United Press International, Inc. All Rights Reserved.
Order reprints



Additional News Stories
Jockstrip: The world as we know it. (9 min)
Your Daily Horoscope
The almanac
Helicopter Moms: We are the champions
NBA: Golden State 146, Minnesota 105
NBA: New Orleans 112, LA Clippers 84
COL BKB: California 75, Murray State 70
fark
Police officer: your breath test shows no alcohol, enjoy the rest of your night. Driver: Thanks...
Make sure your cell phone is locked so you don't accidentally dial numbers. Numbers like 911. While...
Photoshop these spirited students
Bunnies with penis implants. Hugh Hefner not amused
In a prelude to 2012, North and South Korea are shooting at each other
We miss George Bush because Obama has been attacked by a vampire. Or something like that