Chinese carmakers have seen a recent gain in popularity in Russia following the departure of western alternatives.
Companies like Nissan, Mazda, Toyota, Renault and more have each suffered the effects of taking their business elsewhere after Russia invaded Ukraine at the start of February 2022.
The result of this is that the nation has seen an increased uptake in Chinese car brands which will likely continue to grow in popularity.
According to Bloomberg, Chery Automobile, Great Wall Motor and Geeley Automobile have snapped up a combined 17 per cent of Russia’s car market from western carmakers.
On the other hand, Nissan suffered a $US687 million ($NZ1.2 billion) loss upon its exit which has also impacted partner Renault which ended up losing 338 million Euro ($NZ577 million).
Unlike western carmakers who dared to stay, Chinese carmakers have yet to face any retaliation which could soon change given their network of global partners and increasing presence in markets such as our own and Europe.
However, the Russian car market hasn’t exactly been a cash cow considering new vehicle sales last year were less than 5 per cent the size of China’s, reports Bloomberg.