Word: bonchev
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Dates: during 2000-2009
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...overall share of Russia's foreign-car market is relatively small - just 3% in mid-2007 - sales jumped 472% in the first half of the year and are projected to double in 2008 to between 100,000 and 150,000 units, says Moscow-based Ernst & Young auto analyst Ivan Bonchev. "The Russian market is growing extremely fast, with heavy demand for cars, which domestic makers far from satisfy," says Great Wall Motor president Wang Fengying...
...unable to meet tough Western safety and emissions standards - to be accepted by U.S. and European consumers. Russians, though, are snapping them up, giving Chinese companies a chance to gain experience navigating the overseas market while the training wheels are still attached. Russia is a "guinea-pig market," says Bonchev. That doesn't mean it's insignificant. Russia's growing middle class provides a big pool of would-be car owners. Viktor Semyonov, deputy industry director at the Ministry of Industry and Energy in Moscow, says the number of cars sold in Russia topped 2 million...
...With that kind of word-of-mouth, Chinese cars could account for 10% of Russia's foreign-auto market in 10 years, says Bonchev. But profits may depend on whether Chinese manufacturers are able to own and operate factories independently on Russian soil. Currently, mainland automakers are forced to rely on joint-venture assembly plants and licensing agreements to sell cars to Russians. To protect its domestic car companies, Moscow may keep it that way. Though four Chinese automakers have applied to open their own Russian plants, none have been approved, according to the Ministry of Economic Development and Trade...
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