Russian developments “almost like good news” in July

The Russian government's intervention in the free falling automotive industry is seeing results, albeit modest ones. July's market decline slowed to 27.5%, which in itself is still hefty but compared to the declines of 37.9% and 42.5% in February and March, the 41.5% fall in April, the 37.7% drop in May and even the 29.7% fall in June, it marks the most moderate decline since January when sales fell 24.4%. For the year to date, new car sales are down 35.3% year-on-year at 913,181 units.