Russia’s Desire for Cars Grows, and Foreign Makers Take Notice – New York Times 12-25-12

Trickle-down oil wealth and the spread of easily accessible auto financing are lifting auto sales in Russia. The Russian middle class is rising, and becoming a force in both commerce and public life. Russians have shown little nostalgia for their own cars.

Russia is projected to surpass Germany and become the largest car market in Europe in 2014. Russia is the world’s 9th-largest economy but 7th-largest car market, with 250 cars per 1,000 people, midway between emerging markets in Asia and developed markets in Europe and versus 11 cars in India, 49 in China, 515 in Germany, and 643 in the US.

Vladimir Bespalov at VTB Bank said growth is in the emerging markets.