The relaunch of a classic Soviet-era car, the Moskvich, by a state-owned company in November was celebrated by Moscow’s mayor as showing the resilience of Russia’s auto industry to Western sanctions. | Reuters
The sleek four-door SUVs featured engine parts and upholstery from China’s JAC Motors, clearly visible. Two sources, who asked not to be identified as they are not authorised to speak to the media, told Reuters the Moskvich 3 model is a JAC Sehol X4 assembled in Moscow using kits purchased from a Chinese partner.
It is a lucrative business. Chinese carmakers’ exports of passenger cars to Russia in January-May 2023 increased 5.2 times year-on-year to almost $3.6 billion, according to Chinese customs statistics, including exports worth almost $1 billion in April alone.Beyond these figures, Chinese firms are also increasing their sales in Russia with vehicle assembly at factories vacated by the likes of Renault and Nissan, Reuters found.
By 2021, domestic production was running at around 1.4 million passenger cars – around half its installed capacity. That slumped to just 450,000 last year – the industry’s worst showing since the collapse of the Soviet Union – as Western firms withdrew in the wake of the Ukraine war. It is a radical change of fortunes for Chinese carmakers in Russia. Production of Chinese vehicles only began in Russia in 2019 with the arrival of Chinese automotive company Great Wall Motor.
Sollers did not mention a partner. According to another source, who asked not to be identified, JAC is also supplying assembly kits for the commercial vehicles.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russia pulls out of Ukraine grain deal, in potential blow to global food suppliesRussia said Monday it was suspending its participation in a crucial deal that allowed the export of Ukrainian grain, once again raising fears over global food supplies and scuppering a rare diplomatic breakthrough to emerge from Moscow’s war in Ukraine.
Read more »
Russia strikes Ukraine grain port after pulling out of export dealRussia struck Ukraine’s port of Odesa with missiles and drones on Tuesday, a day after pulling out of a U.N.-backed deal to let Kyiv export grain, and Ukrainian officials said Moscow was attempting to go back on the offensive in the east. | Reuters
Read more »
Russia reports advances in northeast, Ukraine disagreesRussia and Ukraine presented vastly different accounts of fighting in northeastern Ukraine on Tuesday, with Moscow reporting advances by its troops and Kyiv saying it had seized the initiative in the region.
Read more »
Russia warns of Black Sea risks after grain deal exitKYIV, Ukraine - Russia on Tuesday issued a veiled warning over the future of grain exports via the Black Sea, after Moscow refused to extend a key agreement to allow safe passage for cargo ships from Ukrainian ports.
Read more »
Russia carries out air strikes for second night on Ukraine's Odesa port – governorRussia strikes Ukrainian ports a day after pulling out of a UN-backed deal for safe Black Sea grain exports, a decision that raises concern primarily in Africa and Asia of rising food prices and hunger.
Read more »
PHL at risk in Russia-Ukraine grain deal halt | Cai U. OrdinarioFILIPINOS should brace for high commodity prices, particularly products that use wheat, as the Kremlin has halted a wartime agreement to allow grain exports from Ukraine, according to local economists. Reports late Monday said Russia has suspended its wartime grains deal or the Black Sea deal brokered by the United…
Read more »