(MENAFN) According to Ford Motor Co.'s Russian venture, the country's auto market is suffering a hard time, hit by an economic slowdown and weak rouble, Oman Observer reported.
Russia's economy was hit by sanctions over Ukraine, hurting car sales badly, while imported car parts have become more expensive. Car sales have fallen sharply this year by 26 percent on-year in August.
There were 1.58 million new passenger cars sold in Russia between January and August 2014, according to the Automobile Manufacturers Committee of the Association of the European Businesses.
"There is no sign that things will rapidly improve in the next two years," CEO of Ford Sollers said, a 50-50 joint venture between Ford and Russian carmaker Sollers.
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