OREANDA-NEWS. June 09, 2009. Passenger car and light commercial vehicle sales slumped 58% in May in Russia, setting another negative record, according to data from the Association of European Businesses (AEB). The government’s stimulus measures have yielded no results and another month like May will lead to a downward revision of the forecast for the entire year, experts noted.

AEB, which monitors the Russian automotive market, reported that this May sales on the Russian market totaled 119,376 vehicles of all models compared to 280,900 a year ago. During the first five months of 2009 sales sank 47% y-o-y to 645,162 autos. The previous record of the market’s slump was recorded in April when auto makers sold 135,733 cars in Russia, i.e. 53% less on an annualized basis.