Russia, currently Europe's third largest car market, is likely to become the biggest in Europe by 2014, Trade and Industry Minister Viktor Khristenko said on Tuesday.
"The steady growth trend for Russian production and the domestic market has turned the country into Europe's third largest car market by sales in the first five months of the year. I am absolutely sure that we’ll become Europe's largest car sale market by 2014," Khristenko said.
"We hope that all the processes connected with the 'cash-for-clunkers' program will be finished, and we'll gradually enter a period of normal and natural market growth and steady demand," Khristenko said.
The Russian market has rebounded strongly since the economic crisis on 2008, thanks in part to state support for the industry with a cash rebate scheme for customers scrapping old vehicles in exchange for buying locally made cars.