Saturday, 7 Jun 2025
America Age
  • Trending
  • World
  • Politics
  • Opinion
  • Business
    • Economy
    • Real Estate
    • Money
    • Crypto & NFTs
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion / Beauty
    • Art & Books
    • Culture
  • Health
  • Sports
  • Entertainment
Font ResizerAa
America AgeAmerica Age
Search
  • Trending
  • World
  • Politics
  • Opinion
  • Business
    • Economy
    • Real Estate
    • Money
    • Crypto & NFTs
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion / Beauty
    • Art & Books
    • Culture
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 America Age. All Rights Reserved.
America Age > Blog > World > Putin says government must support domestic car industry
World

Putin says government must support domestic car industry

Enspirers | Editorial Board
Share
Putin says government must support domestic car industry
SHARE

LONDON (Reuters) -Russian President Vladimir Putin ordered his government on Thursday to come up with new measures to support the domestic car industry, which has seen sales crater since Moscow launched its invasion of Ukraine.

Amid a crunch on demand from Russian buyers and severe logistics problems as a result of Western sanctions slapped on Moscow, car sales slumped a record 83.5% in May, according to figures from the Association of European Businesses (AEB).

“I would like to ask the government to tell us in detail what swift measures it is taking to support the auto industry and stabilise the internal market,” Putin said in a meeting with government officials broadcast on state TV.

Putin also said the government needed to look not only at production issues, but also at how to stimulate demand despite the economic difficulties facing the country.

According to Russian statistic agency Rosstat, car prices have jumped nearly 50% since the start of the year, slamming demand in a country where household incomes have declined while inflation has been hovering near 20-year highs.

In recent weeks a string of Russian officials have warned about a possible demand slump in the economy that could accentuate the economic crisis, already expected to be the worst in at least two decades.

Despite a high-profile import substitution drive, Russia’s auto industry had remained heavily reliant on foreign investment and equipment.

Lada-maker Avtovaz, Russia’s largest car manufacturer, halted production for more than two months citing a shortage of electronic parts.

French auto giant Renault struck a deal in May to sell its majority stake in Avtovaz to a Russian science institute, reportedly for the symbolic sum of just one rouble, with a six-year option to buy it back.

(Reporting by Guy FaulconbridgeEditing by Gareth Jones)

Share This Article
Twitter Email Copy Link Print
Previous Article See Ana de Armas as Marilyn Monroe in first ‘Blonde’ trailer: ‘Absolutely stunning’ See Ana de Armas as Marilyn Monroe in first ‘Blonde’ trailer: ‘Absolutely stunning’
Next Article Juror in Johnny Depp-Amber Heard trial speaks out, says actress’s story ‘didn’t add up’ Juror in Johnny Depp-Amber Heard trial speaks out, says actress’s story ‘didn’t add up’

Your Trusted Source for Accurate and Timely Updates!

Our commitment to accuracy, impartiality, and delivering breaking news as it happens has earned us the trust of a vast audience. Stay ahead with real-time updates on the latest events, trends.
FacebookLike
TwitterFollow
InstagramFollow
LinkedInFollow
MediumFollow
QuoraFollow
- Advertisement -
Ad image

Popular Posts

East Timor chooses president in runoff amid political feud

DILI, East Timor (AP) — Voters in East Timor chose a president in a runoff…

By Enspirers | Editorial Board

A mourning Serena Waterford looks like evil incarnate in ‘The Handmaid’s Tale’ Season 5 first look

Praise be: Hulu has finally revealed the first look at The Handmaid's Tale season 5.The…

By Enspirers | Editorial Board

Champ Bailey Has Excessive Expectations For Broncos Defender

(Picture by Justin Edmonds/Getty Pictures)   The Denver Broncos won't have loads occurring for them…

By Enspirers | Editorial Board

UN-appointed expert says better sanctions on Myanmar needed

BANGKOK (AP) — A United Nations-appointed human rights expert called Thursday for governments and companies…

By Enspirers | Editorial Board

You Might Also Like

Federal prosecutor reportedly give up over concern Ábrego García indictment was politically motivated – US politics stay
World

Federal prosecutor reportedly give up over concern Ábrego García indictment was politically motivated – US politics stay

By Enspirers | Editorial Board
Labour byelection win exhibits ‘SNP’s balloon has burst’, says Anas Sarwar
World

Labour byelection win exhibits ‘SNP’s balloon has burst’, says Anas Sarwar

By Enspirers | Editorial Board
College of Michigan utilizing undercover investigators to surveil pupil Gaza protesters
World

College of Michigan utilizing undercover investigators to surveil pupil Gaza protesters

By Enspirers | Editorial Board
Endangered sharks being killed at alarming ranges in Pacific, Greenpeace claims, after reducing 20km of vessel’s longline
World

Endangered sharks being killed at alarming ranges in Pacific, Greenpeace claims, after reducing 20km of vessel’s longline

By Enspirers | Editorial Board
America Age
Facebook Twitter Youtube

About US


America Age: Your instant connection to breaking stories and live updates. Stay informed with our real-time coverage across politics, tech, entertainment, and more. Your reliable source for 24/7 news.

Company
  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement
Contact Us
  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability
Terms of Use
  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices
© 2024 America Age. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?