The volume of stocks of passenger cars of Chinese brands in warehouses in Russia at the end of February exceeded 94 thousand units, the problem of oversupply has almost been resolved. This was reported on March 14 “Kommersant” with reference to data from Gazprombank Leasing.
The calculations were based on data for the top 16 Chinese brands, which in 2023 accounted for 49% of all cars sold in the Russian Federation and 90% of the volume of new cars imported from China. The volume of stock, based on the sales rate of last year, is two to three months of sales, the company said.
The inventories were formed from cars ordered for delivery in the fall before demand decreased due to an increase in the Central Bank rate and an increase in the cost of financing. As a result, car dealers tried to sell off cars, reducing their prices through discounts and subsidies on leasing and lending programs, analysts explained.
According to Nikolai Ivanov, director of the Rolf new car sales department, the situation with warehouses is improving, and now the volume of cars is “more or less balanced.” Chinese New Year also led to a reduction in supplies. Car sellers will begin to refuse promotions and discounts in the near future, he believes.
As Renat Tyukteev, deputy general director of Avilon for sales of new cars, noted, if all dealers started 2024 with two months of stock, then by March the inventories had dropped to one and a half months. Evgeniy Zhitnukhin, head of the dealership department of the Fresh automobile marketplace, believes that discounts and special offers will last until the end of March.
On March 13, the analytical agency Autostat reported that at the end of 2023, the average period of ownership of a passenger car in Russia was 7.1 years. The average tenure differs depending on the brand. So, for Lada it is 8.4 years, for other mass brands – 6.8 years, and for premium brands – 5.5 years.
On March 12, Avto.ru Business analysts told Izvestia that prices from private car sellers on the Russian secondary market have continued to rise since October last year, and for dealers, last February was the first month when the average price increased after a three-month fall. Compared to January of this year, the average price from private sellers for used cars increased in February by 1%: from 1.45 million to 1.47 million rubles.
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