Russia Becoming Hotbed for Asian Automakers

Russia’s become a growing power for automotive demand. Its demand for foreign cars has made it the number one European market for six Asian automakers, including Nissan, Kia, and Toyota.

Mazda has projected it to become its top European market soon. The company sold 50,000 units in 2007, and in 2008, hopes to sell 70,000. Phil Waring, Mazda Europe’s head of sales, told Automotive News, “At this volume Russia will become our largest market in Europe.”

(More details after the jump)

Vassil Stavrev, Global Insight’s Eastern Europe market analyst, said of the Asian car boom in Russia, “Japanese and Korean automakers offer a wide range of four-door, three-box compact sedans, which perfectly suit the taste of the Russian buyer.”

Stavrev said Russia’s rising incomes have driven them to afford new cars, as many households now have an income more than $20,000 (about €13,650).

Last year, new-car sales in Russia jumped to 2.41 million from 1.81 million in 2006. Foreign-brand sales rose 61 percent to 1.64 million units last year.

+ Automotive News: For Asians, Russia is Number 1

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