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Russian car industry sees 77% drop in output

The record slump is attributed to shortages of high-tech components due to Western sanctions

Automobile production in Russia slumped by 77.4% in September to 23,800 units, compared to the same period last year, and is down by 3.8% from August, according to data from the Federal State Statistics Service (Rosstat) released on Wednesday.

A total of 349,000 cars were manufactured from January to September this year, which is 65.9% lower than in the same period in 2021. Cargo vehicle output dropped by 33.8% to 11,700 units in September, but was up 5.4% from August with a total of 103,400 trucks produced.

Analysts say that the structure of output is changing in part due to Western sanctions. While the industry has managed to boost production of simple items, it has seen difficulties in high-tech sectors – production of certain components has increased, while the number of assembled cars has dropped.

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Russia’s automobile industry, which is heavily reliant on foreign investment and equipment, has been hit by global semiconductor shortages, and most recently, an exodus of international manufacturers over the conflict in Ukraine.


READ MORE: Mercedes-Benz to withdraw from Russia

Most of the global automakers operating in Russia have either left the country or suspended deliveries of cars and components, halting local production for an indefinite period.

The overall volume of Russia’s industrial output slowed by 3.1% year-on-year in September, data shows.

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For more stories on economy & finance visit RT’s business section

https://ift.tt/AurJPfe 27, 2022 at 07:37PM
from RT – Daily news

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