MOSCOW, April 2. /TASS/. Sales of new cars in Russia climbed by 74% in Q1 2024 year-on-year to almost 391,900 units, the Industry and Trade Ministry said in a statement.

"In January-March 2024, 391,865 new cars (up to three years) were sold on the territory of the Russian Federation, which is 74% higher than in the same period last year (225,686 units). Meanwhile the market of home-made new cars exceeded 167,000 units, which is 31% higher than in Q1 2023," the statement reads.

Sales in the segment of passengers cars soared by 86% in the reporting period to 328,900 units, while sales in the segment of light commercial vehicles (LCV) increased by 55% to 28,800 units. The market of trucks added 10% in January-March 2024 to 28,700 units, while the market of buses rose by 18% to 5,500 units.

"The market of new electric vehicles amounted to 6,374 units (+265% compared with the same period in 2023 - 1,744 units), with the share of those produced in the Russian Federation reaching 17%. In 2023, the share of such electric vehicles on the market equaled 23%," the ministry added.

In March, 145,600 new passenger cars were sold, which is two times higher than in March 2023. Sales of LCVs increased by 44% in annual terms to 11,500 units. The market of trucks edged up by 3% in March 2024 to 11,200 units, while sales of buses amounted to 2,300 units, up by 43% compared with March 2023. Total sales of new cars reached 170,600 units in March 2024, up by 88% compared with March 2023.