China, after dominating the Russian market, significantly increased car prices | 26/04/2024

26/04/2024

reading time 2 minutes

The price of GAC models increased the most – by 53%, to 4.3 million rubles. Geely is next: Cars from this manufacturer added 20.4% and on average can be bought for 3.5 million rubles. Chery cars have increased in price by 13.3% and are now estimated at 3.2 million rubles. Only Haval, which has production in the Tula region, did not show significant growth: Cars of this brand still cost about 2.6 million rubles.

The average import price for Hongqi fell by 54.5%. However, the reason was the import of cheaper E-class sedans to Russia. Prices of premium SUVs HS7 and E-HS9 start from 7 million rubles and 9 million rubles, respectively.

In the first quarter, the number of new Chinese cars at Avito Auto increased by 266.6% year-on-year. In terms of supply growth, Chery (+18.5%), Geely (+15.5%) and Haval (+15.1%) lead the way.

Despite rising prices, demand for new cars from Chinese brands increased by 158% in the third quarter. The most popular brands among Russians are Chery (14.7%), Haval (14.5%) and Geely (14.2%). The top five, which includes both new and used cars, also includes Omoda (7.9%) and Jetour (5%).

Last year, Chinese brands accounted for roughly half of new car sales in Russia. About a third of the market was occupied by AvtoVAZ, the rest by other domestic brands and products of companies that left the country. In December, the share of “Chinese” exceeded 60% and amounted to a little over 119.45 thousand cars sold. In addition, eight Chinese brands were in the top ten most popular. AvtoVAZ’s share, on the other hand, decreased to 28.5%, Autostat calculated. In total, China delivered about 800,000 cars to Russia, which is five times more than in 2022.

In 2024, manufacturers from China intend to sell almost 1.2 million cars in the Russian Federation. AvtoVAZ and Moskvich will sell 500,000 and 300,000, respectively. Analysts believe that under an optimistic scenario, 1.4 million new cars will be sold in the country. However, they refer to the figure of 1.25 million cars as the most realistic.

Source in Russian: HERE

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