Like brands that are starting to be released in China, luxury automakers are smartly looking toward Russia as a market that has the potential to yield some serious boosts to their sales.
Luxury cars to pamper your inner oligarch caught the eye as the Moscow motor show opened on Wednesday, but it is the Russian of more modest means who has the attention of the world's carmakers, keen to profit from one of Europe's few growing markets.
Bullish forecasts were the order of the day at the Moscow International Automobile Salon, with Volkswagen forecasting 30 percent sales growth in Russia this year and announcing 1 billion euros ($1.3 billion) in new investments.
General Motors will also spend $1 billion over the next five years to ramp up output in Russia, while Renault sees Russia challenging Brazil to become its No. 2 market. Continue Reading
