Russian car sales surge in February 2011

As high oil prices boosted Russia’s economic growth and as state incentives continued to take effect, sales of new cars in Russia surged in February 2011. The Association of European Businesses said sales surged 80 percent year-on-year to 165,518 units, bringing year-to-date growth to 77 percent. The AEB said it would review its full year targets after sales data for March 2011. In January 2011, the AEB said it predicted a 17 percent rise in 2011 sales before a return to pre-crisis levels the following year.

David Thomas, Chairman of the AEB Automobile Manufacturers Committee said its view on 2011 remains at 2.24 million passenger cars and LCV; however, in light of the strong start to the year, the AEB will review this following the March 2011 and first quarter results.
It added that state loans and high oil prices were supporting the market. Russia came back as a target growth market for the world's biggest carmakers as a collapse in sales during the financial crisis led to a growth pattern that some think will see the market double to 4 million units.

source :  http://www.4wheelsnews.com/russian-car-sales-surge-in-february-2011/