Global auto makers leaving Russia amid falling oil prices

Global Business

Low oil prices and Western sanctions have been tough enough on the Russian economy, but now car sales are falling too. Several global auto makers, including General Motors, Volkswagen and Nissan have announced major cutbacks in their Russian operations. CCTV’s Julia Lyubova takes a look at the impact on local dealerships and workers.

Global auto makers leaving Russia amid falling oil prices

Global auto makers leaving Russia amid falling oil prices

Low oil prices and Western sanctions have been tough enough on the Russian economy, but now car sales are falling too. Several global auto makers, including General Motors, Volkswagen and Nissan have announced major cutbacks in their Russian operations. CCTV's Julia Lyubova takes a look at the impact on local dealerships and workers.

Highlights:

  • US car maker General Motors announced plans to pull its Opel and Chevrolet brands from Russia.
  • Exiting Russia will cost GM about $600 million.
  • Some analysts believe about 25 percent of Russia’s car dealerships could close this year.
  • Russia plans to spend $424 million in subsidies and for other incentive programs in an effort to boost demand.

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    GM's Dan Ammann on development and growth of auto industry

    GM's Dan Ammann on development and growth of auto industry

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