Automobile markets in China and Russia are losing steam, bearing down on automobile manufacturers.
On one hand, the euphoria set in by the recovery of European market post-recession fail to cheer up carmakers as their efforts to post sales are reeling under sanctions, cheaper oil prices and depreciated ruble, the Forbes reported.
As a result, sales plummeted 41.5% in April and 37.7% since January, as per the estimates of Association of European Businesses.
The organization has also projected a grim outlook for Russia as its automobile market shows no signs of a comeback as exemplified in 2009.
Only the makers of affordable cars, such as, Lada, Kia Motors and Hyundai Motor, managed to beat the heat. Chevrolet put up a dismal show with sales nosediving 64% in April and General Motors backing out most of its operations from Russia.
On the other hand, automobile sales in China has gone south by 4% in April and 9% in March when assessed on a year-on-year basis. Though speculations are ambivalent on its prospect, sales slowdown remains the dominant theme.
Only the German automobile maker Volkswagen Group claimed to have managed to sail through with 2% sales growth from January to March, while Audi's figure remained the same on that front.
