Russia's Economy in Crisis: Car Industry and Oil Exports Plunge
Russia's car industry has experienced a total collapse, with car sales plummeting to a quarter of pre-war levels due to soaring prices, deteriorating consumer sentiment, and a lack of supply. The purchase of foreign-made cars has almost come to a standstill, with Western brands experiencing significant declines in sales. Chinese automaker Geely is the only foreign brand that saw an increase in sales. As a result, Russians have turned to the local brand Lada, despite its reputation for mechanical issues and suspect quality. This decline in the car industry reflects broader economic woes and a weakening consumer sentiment in Russia.