Automakers Halt Russian Car Sales Over Ruble's Collapse
Car shoppers in Russia might not be able to buy from their favorite automaker this holiday season.
Numerous automakers including General Motors, Audi and Jaguar Land Rover have completely halted sales in the country this week, as the ruble continues to collapse. The country has seen the value of its currency drop over 40 percent since June, making it Russia’s biggest financial crisis since 1998.
According to a recent report, opportunistic shoppers in Russia have been picking up Porsches and other luxury cars to convert their savings into something tangible over the last few weeks and now that temporary boost in the industry has turned into a liability.
Some automakers like Toyota are turning to price increases while the Volkswagen Group will resume Audi sales after it sets a new price list, but Volkswagen car sales will continue for the time being.
[Source: Automotive News]
Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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