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Russia's car market to grow 15% in 2010 from 'cash for clunkers' plan - ministry

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The Russian Ministry of Industry and Trade expects a 15% growth in the country's car market as the "cash for clunkers" program continues in Russia, Alexei Rakhmanov, director of the ministry's automotive industry department, said on Wednesday.

The Russian Ministry of Industry and Trade expects a 15% growth in the country's car market as the "cash for clunkers" program continues in Russia, Alexei Rakhmanov, director of the ministry's automotive industry department, said on Wednesday.

Under the program launched in March to support the car industry hit by the world financial crisis, a car owner can swap a car that is older than 10 years for a 50,000 ruble ($1,600) certificate to buy a new vehicle.

The car market grew 10% after the program's first stage was launched, Rakhmanov said, adding that the market might gain another 5% if the program's second stage was as efficient as the first.

He added that under the program, 230,000 cars would be sold in 2010 and 170,000 cars in 2011.

Car owners have by now received 213,600 certificates, while 148,810 cars have been sold, including 36, sold under preliminary contracts.

Prime Minister Vladimir Putin earlier said the government would invest another 10 billion rubles ($321 million) in the program and plans to end it in 2011, while initial investment amounted to 10.5 billion rubles.

MOSCOW, July 7 (RIA Novosti) 

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