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Slovak unemployment inched further down to 3.88% in March
11 hours ago
Russia's car and LCV sales (excluding Mercedes and BMW) declined 3.7% year on year to 91,662 units in January, according to the latest data from the Association of European Businesses (AEB).
While January is not particularly representative in terms of underlying trends due to low volumes and weak seasonality, this performance is in line with our expectations of a moderate decline in the first half of the year due to the relatively high base and supply constraints. We expect some improvement in 2H22. Overall, we forecast a flattish market in 2022.
Sollers saw a 1.5% y/y increase in its UAZ sales, which were 1,325 units in January. Ford Transit sales (produced by the JV with Ford, which is consolidated by Sollers) increased 11% y/y to 1,005 units. We are cautious on Sollers due to the stock's low liquidity and the uncertainties surrounding its strategy toward minority shareholders.
The market leader, AvtoVAZ, saw a 17% decline in Lada sales to 18,045 units in January. We think that this was largely due to the shortage of microchips. AvtoVAZ accounted for 19.7% of the market in January, while the AvtoVAZ-Renault-Nissan-Mitsubishi alliance controlled 35.5% of the market.
Among other Russian producers, GAZ increased its LCV sales 27% y/y to 2,660 units.
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