China is selling record numbers of cars in Russia [Business Insider]
GREAT WALL MOTOR CO ADR (GWLLY)
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Source: Business Insider
Chinese automakers face increasing tariffs in other regions. Chinese cars are selling at record levels in Russia, according to data from Russian analytics agency Autostat, reported by The Financial Times The country has turned to Chinese autos from brands such as Chery, Geely, and Great Wall Motor after sanctions forced Western brands to stop doing business with Moscow. European, Korean, and Japanese carmakers had dominated the Russian market with a 69% share, per Autostat. However, since Western sanctions were imposed against Russia following its invasion of Ukraine in February 2022, Autostat's data showed a steep decline in sales. The three regions now hold just 8.5% of the market, while Chinese carmakers such as have jumped from 9% to 57% over the same period. Ilya Frolov, a car blogger based in Moscow, told the FT that Russian drivers had been left with little choice: "If you're buying a car, your choice is either a [Russian-made] Lada or an extremely expensive European
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