Russian car sales surge 80% in February (RU)

2012 Nissan Micra DIG-S fascia

Russian car sales have sky-rocketed last month, motivated by government incentive schemes and high oil prices, that boosted economic growth.

The Association of European Businesses (AEB) said sales rose 80% year-on-year to 165,518 units, bringing year-to-date growth to 77%.

AvtoVAZ, in which Renault owns 25% and maker of Lada models, lead the market with sales of 37,528 units, followed by Nissan, Kia and Renault with 10,501, 10,200, and 9,985 units. Chevrolet sold 9,759 vehicles.

2011 Kia Optima Hybrid fascia

The AEB will evaluate full year targets after sales data for March have been revealed, after anticipating in January as rise of 17% in 2011.

"Our consensus view on 2011 remains at 2.24 million passenger cars and LCV but in the light of the strong start to the year we will review this following the March and first quarter results," David Thomas, Chairman of the AEB Automobile Manufacturers Committee said.

In addition, AEB said high oil prices and loans contributed to the growing market. "The foundation is there for a very good year provided these fundamentals stay in place".