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Sollers CEO expects no slump on Russia’s car market by yearend

June 23, 2012, 6:50 UTC+3
The motor company Sollers in Russia produces such cars as UAZ, Ssangyong and Toyota and has a joint venture with Ford
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ST. PETERSBURG, June 23 (Itar-Tass) —— The CEO and principal shareholder of the Russian automotive holding company Sollers, Vadim Shvetsov, does not expect a fall in sales in the automotive market in Russia by the end of the year.

"By yearend we will still have growth," Shvetsov told reporters at the St. Petersburg International Economic Forum this week, commenting on the forecasts of many economists predicting an economic crisis.

He recalled that during the beginning of the economic turbulence demand for automakers’ products usually tends to grow. However, in future, he said, if the situation deteriorates, then there "will be a sharp crash." Shvetsov believes that by the end of the year automakers in Russia will have an increase by an average of 10 percent.

The motor company Sollers in Russia produces such cars as UAZ, Ssangyong and Toyota and has a joint venture with Ford.

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