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. Last Updated: 07/27/2016

H1 Foreign Car Sales Reach $16Bln

Russians bought a record $16 billion of new foreign cars in the first half of the year as rising incomes fueled demand for vehicles from automakers including Toyota and Ford, PricewaterhouseCoopers said.

Sales of imported cars jumped 60 percent to 510,000 units, while sales of locally made foreign cars reached 205,000, PwC said in an industry survey released in Moscow on Thursday.

Foreign automakers have tripled their share of the Russian market in the last five years to 78 percent.

Russians spent $2.4 billion buying 300,000 new Russian cars in the first half, down from 386,000 a year earlier, according to PwC. They spent $2.8 billion on locally made foreign cars in the same period.