With 1 in 3 Russians owning a car there is a large market to exploit, as many factories in Moscow know too well. CEO of PSA Peugot Citroen, Russia Ukraine and CIS, Bemd Ludwig Schantz said, “I would say that today Russia is a bit like Peru. It’s a market, which is taken off and is developing strongly. It certainly is one of the world's fastest growing markets.”
In addition to Europe manufacturers, American giant General Motors recently announced the investment of a billion dollars in its Russian production line. Economic crisis seems a far cry from the glamorous market of the cars. Bruno Ancelin, Renault Operations Director for Eurasia when asked said, “It is clearly a market that is compensating for the difficulties faced by all the manufacturers in Western Europe because of the economic situation.” With annual growth of 4 percent, the factories in Russian car manufacturers are very much in the driving seat of what looks like a clear road ahead of them.
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