Boston, MA -- (SBWire) -- 05/03/2013 --In March, the Ukraine government decided to raise taxes on imported cars in an effort to promote domestic production. This is due to take effect in April 2013. BMI maintains a bearish view on vehicle manufacturing in the country, and we expect to see limited investment in the medium term. The majority of production is for export to Europe, which we expect to remain weak in 2013. The domestic market is dominated by imports, which will become more expensive due to this new tax.
In 2012, vehicle sales in Ukraine increased 14.2% year-on-year (y-o-y), to 150,768 units. Passenger car sales increased 14.5%, to 237,602 units, and CV sales increased 11%, to 21,984 units. Imported foreign brands continue to dominate; this will increase as production continues to drop off over the year. The market, although resurgent from 2011, is still considerably below levels seen in 2008. BMI believes that auto manufacturers are increasingly looking to produce vehicles where they sell them. However, we believe that the weakened domestic market, among other factors, makes Ukraine an unattractive investment choice.
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Now Available: Ukraine Autos Report Q2 2013
Fast Market Research recommends "Ukraine Autos Report Q2 2013" from Business Monitor International, now available