Russia approves updated automotive industry development strategy

Moscow (ANTARA) - The Russian government on Monday (31/8) approved an updated strategy for the development of the country’s automotive industry until 2035.

By 2030, the technological independence of the Russian automotive industry must reach 80 per cent for passenger cars and 90 per cent for commercial vehicles, based on the implementation of the sector’s development strategy, stated Russia’s First Deputy Prime Minister Denis Manturov during a meeting.

Russia plans to increase its vehicle exports to more than double by 2035 compared to 2026 levels, targeting up to 70,000 units, according to the strategy.

Manturov stated that the primary objective of the strategy is to maximise the utilisation of the country’s automotive production capacity.

Based on the strategy’s targets, the volume of Russian car exports is projected to reach approximately 29,700 units by the end of 2026. This figure is expected to rise to 49,700 units by 2030 and 69,700 units by 2035.

Neighbouring countries and markets in Central Asia, the Middle East, North Africa, Southeast Asia, and Latin America have been identified as target export markets.

Key measures to support these exports include partial compensation for transport costs, subsidised preferential loans for Russian automakers, the promotion of Russian products in overseas markets, the refinement of international financial settlement mechanisms, and the establishment of favourable customs arrangements for target markets.