With first half sales results now in, Russia has emerged as the largest auto market in Europe. Russia’s new car market ballooned 41 percent to 1.65 million units, pushing it past Germany as the continent’s largest market.
Moreover, profits also shot up 64 percent, totaling $33.8 billion during the first six months of 2008.
General Motors and Hyundai took top honors in the Russian market, displacing last year’s top two automakers, Ford and Toyota , to third and fourth place, respectively. Chevrolet was the most popular marque, selling 103,735 units.
The sharp increase in new car sales is attributed to the rise of the middle-class in Russia. According to Edmunds, the upward trend is expected to continue, with Russia accounting for 20 percent of global growth in car sales for the next seven years.
