2023-06-21 10:28:08
In the new economic dynamics shaped by the sanctions imposed on the Russia, the local automobile market has undergone a radical transformation. While the brands european, japanese and korean have massively deserted Russia, Chinese manufacturers have taken over, taking advantage of a vacuum left by the West and Asia. Indeed, the market share of non-Russian vehicles has dropped dramatically, from 67% in 2022 to 5% in 2023.. This massive relocation of Western and Asian competitors has opened the door to Chinese companies, which have quickly become the main beneficiaries of this situation.
The arrival of Chinese manufacturers on the Russian market has somewhat cushioned the fall of the market, which nevertheless experienced a considerable decrease of 44% in the first quarter of 2023 according to Automobile magazine. Despite their growing presence, Chinese vehicles have yet to reach the sales levels of the brands that came before them. They have to deal on the spot with Russian vehicles, mainly of the Lada brand.
Despite the honorable figures for a start, several observers criticize the Chinese brands, speaking mainly of defects or even manufacturing quality. Some even fear that the harsh climate of certain regions of Russia will damage Chinese cars with unsuitable bodies more quickly.
Despite these obstacles, China continues to make progress in the Russian automotive market. Most vehicles currently sold in Russia are SUVs and sedans. While China stands out for its production of small electric cars, this segment has not yet developed in Russia. Nevertheless, the perseverance of Chinese manufacturers in the Russian market demonstrates their willingness to seize economic opportunities despite the challenges.
Oil is no exception
Since the beginning of the Russian offensive in Ukraine, imports of Russian oil by China have reached a record, rising from 5.4 million tons in February 2022 to 9.71 million tons in May. Despite geopolitical tensions, China has strengthened its economic ties with Russia in this area, which has become its main supplier of oil. Taking advantage of the situation, China has increased its purchases of Russian oil and gas, strengthening its energy security.
This trend is also observed in India. While many countries have sanctioned Russia over the invasion of Ukraine, China has maintained and strengthened its trade relationship with Russia. These dynamics illustrate a growing trust between some non-Western nations and Russia, despite the tense global geopolitical climate.
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