Car sales in Russia are about to collapse.
A report from Bloomberg on Monday said car sales in Russia will probably fall 35% this year, according to data from PricewaterhouseCoopers.
In an "optimistic forecast," car sales in Russia could fall just 25% in 2015, though with the Russian economy expected to fall into recession this year as Western sanctions, the collapse in oil prices, and the devalued ruble weigh on the Russian economy, the results could be even bleaker.
A separate report from Russian news service РБК said that some Russian car dealers expects sales to decline by 50% in February when compared to last year.
In his report, PricewaterhouseCoopers' Sergei Litvinenko estimated that the car market in Russia, which has contracted the last two years, won't recover until the end of the decade.
Last year, PricewaterhouseCoopers saw a recovery by 2017.
In December, car sales in Russia totaled 270,000, a 1.1% increase over the same month last year as a government rebate program incentivized buyers at the end of 2014. However, sales in January tumbled after the expiration of this program.
Here's the collapse in car sales in January, which totaled just 115,390, down about 24% from same month last year.
NOW WATCH: 11 Facts That Show How Different Russia Is From The Rest Of The World
See Also:
- Samsung warns people about discussing 'sensitive information' in front of their SmartTV
- The West is buckling under Putin's pressure
- The Saudis floated the idea of higher oil prices to get Russia to stop supporting Assad in Syria
SEE ALSO: Russia is reportedly getting military bases in an EU state
SEE ALSO: Russian banks are set to lose 1 trillion rubles this year
