Renault-Nissan CEO Carlos Ghosn warned Monday that Russia’s auto market will lose a third of itself under the nation’s recession.
Automotive News Europe reports Ghosn spoke with Bloomberg about the issue after the unveiling of the Renault Kadjar in Paris, stating the market was well on its way to losing a fifth of itself this year, adding up to “one-third of the Russian market disappearing in a couple of years.” He added that while there might be a light at the end of the tunnel, whether that light is an opening or an oncoming train remains uncertain.
The overall market witnessed a sales decline of 10 percent in 2014, with around 2.5 million units sold. According to the Moscow-based Association of European Businesses, the forecast calls for a 24 percent decline in 2015.
Meanwhile, Renault-Nissan and partner AvtoVAZ saw sales of their offerings drop 7 percent in 2014 to 764,245 units. Market share did increase to 30.7 percent in the same period, up from 29.6 percent in 2013. The Franco-Japanese automaker indirectly owns 50.01 percent of the Russian manufacturer, with the aim of gaining 40 percent of the Russian market by 2016.
The post Ghosn: One-Third Of Russia’s Auto Market Will Vanish Under Recession appeared first on The Truth About Cars.
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