Sales of new cars down 40% in Russia in Q1

MOSCOW, April 8 (RIA Novosti) - Sales of new cars and light commercial vehicles in Russia decreased 40% year-on-year in the first quarter of this year to 387,843 vehicles, the Association of European Business (AEB) reported on Wednesday.

"The first quarter of this year showed a continuous and accelerating decline in car sales in Russia, compared with the same period of last year. The reasons behind such a dramatic decrease remain the same as those mentioned earlier this year: restricted availability of credit, high loan interest rates, ruble devaluation and increased customs tariffs, which have caused the price increases introduced recently by many brands", the AEB said.