Car Sales Forecast Raised

New car sales may grow more than forecast this year as the government’s rebate program stimulates demand, the Association of European Businesses said Tuesday.

The association raised its target to 1.8 million vehicles from a previous estimate of about 1.67 million. New sales of passenger cars and light vehicles jumped 62 percent in October from the same month last year to 188,478.

That pushed sales in the first 10 months to 1.5 million vehicles, or 22 percent more than the same period last year. AvtoVAZ led the advance, with sales jumping 78 percent to 50,251 last month, giving it more than a quarter of the domestic market.

(Bloomberg)

Read more