The average price for Chinese cars in Russia has increased

2024 began with an increase in prices for Chinese cars. For example, prices for the entire Geely line have risen. At the beginning of 2023, the stock of unsold cars of Chinese brands in the warehouses of Russian dealers reached 175 thousand units.

Among Chinese manufacturers, the most significant price increase was observed at GAC (+53%, reaching 4.3 million rubles). Hongqi cars showed the most significant price drop (-54.5%). The average price for Chery increased by 13.3% (to 3.2 million rubles). Geely cars rose in price by 20.4% (on average 3.5 million rubles), prices for Haval remained virtually unchanged over the year (2.6 million rubles).

Demand for new cars from Chinese brands has also increased significantly - by 158%. The leaders in the share of demand for all Chinese cars, including used ones, were Chery (14.7%), Haval (14.5%) and Geely (14.2%), also in the top five were Omoda (7.9%) and Jetour (5%).

What caused such a rise in prices? Previously, all cars costing up to 300,000 yuan (approximately 3.72 million rubles) received government subsidies. If the cost of the car exceeded this amount, it was required to pay tax on the purchase of the car.

For example, if a car cost 380 thousand yuan, then the tax was levied on the excess of 80 thousand. New rules came into force on January 1 - now car buyers will be required to pay 9% tax on the total cost of the car.