Demand for premium cars has begun to decline in Russia

In November, Russians bought 10.8 thousand premium cars, which is three percent less than in the same month last year, the Autostat agency calculated. This is the first decline in the luxury car market in Russia since March 2023, analysts note: that is, premium sales have been continuously growing for 20 months, and now they have gone down along with the demand for passenger cars in general.

The leader in the number of cars sold in the premium segment is still Exeed (Chery). But demand has dropped sharply compared to last year: 2,049 Russians chose its models in November, which is half as much as at the end of autumn 2023.

Second place went to Tank (Great Wall), which was only 40 units behind Exeed. Sales are up 7.5 percent from November 2023. The third place is occupied by Lixiang (aka Li Auto) with 1850 cars sold and an impressive growth of two times.

In Russia, more than half a million cars were resold in a month. A new leader has appeared in the ranking of Russians’ favorite foreign cars. Prices for used cars have fallen in Russia. Which ones have fallen in price more than others?

The remaining premium brands available to Russians were unable to sell even a thousand cars. The segment’s share is also declining: in November it amounted to 8.9 percent.

In general, Russians bought about 122 thousand new passenger cars in November. This is 29 percent less than the October result and the worst figure in the last nine months. Two thirds of cars sold are from five brands: Lada, Haval, Chery, Geely and Changan.

“Gray” premium: familiar, unexpected and still very expensive cars