Hyundai observes Russia auto market growth slowing in next year

Hyundai i10 images

South Korea-based automaker Hyundai Motor expects growth in the Russian auto market to reduce significantly in 2019, the head of its Russian branch said on Monday.

Automakers have warned Russia’s strategy to raise value added tax in next year would hit vehicle sales, which have recently just started to recover from four years of stagnation.

Hyundai forecasts car sales in Russia will boost 5-6 percent in next year, after an expected increase of 12.8 percent in 2018, the company’s Russian managing director Alexei Kalitsev told reporters.

Hyundai plans to keep its 10 percent market share in the country next year and boost sales to 190,000 cars from 180,000 in 2018.

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