In Russia, up to 85% of cars are bought with car loans. However, the funds to provide preferential loans will run out by the end of the week. This was stated by the president of AvtoVAZ, Maxim Sokolov.
According to him, the key rate set by the Central Bank at 16% per annum is very high. But Russians continue to buy cars on credit.
At the same time, the funds allocated for the preferential car loan program are running out this week.
Sokolov added that he met with representatives of Russian banks on the sidelines of the St. Petersburg Economic Forum (SPIEF-2024). In a private conversation, they stated that "the lending program will completely exhaust itself" in the near future.
The president of the concern did not rule out that against this background, LADA sales would fall. He stressed that AvtoVAZ will monitor the situation on the market and is ready for flexible production solutions.
We need to look at the market, because what's the point of producing if the product doesn't sell.
Earlier, AvtoVAZ denied insider information about problems with painting LADA Iskra.
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