OREANDA-NEWS The resumption of government demand support programs in the automotive industry, as well as a reduction in the Central Bank's key rate, contributed to an increase in new car sales in Russia in July in monthly terms, and they will also become key factors for possible market growth in the near future, according to the Association of European Businesses (AEB).

According to the data of the analytical company PPK (part of the Electronic Passport group of companies), which lead to the AEB, sales of new passenger cars and light commercial vehicles (LCVs) in Russia in July amounted to 124.1 thousand units, which is 13% lower than a year earlier. This company relies on data from the electronic vehicle passport system. Also, according to the CPC, in June, total sales in these segments amounted to 92.6 thousand units. Thus, sales increased by 34% on a monthly basis.

"We hope for the long-term development of the emerging market trend. We believe that the key role in this will continue to be played by measures of state support for demand and the predictability of conditions to ensure the stability of doing business," the association quoted Alexey Kalitsev, Chairman of the Committee of Automobile Manufacturers, as saying.