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Government might re-introduce subsidised car loans

The Russian government has reported that it is to decide by the middle of May whether to re-introduce subsidised car loans to support auto sales. Meanwhile, according to Kommersant, the government might introduce special anti-dumping duties on LCV imports from Germany and Italy (30%), as well as Turkey (10%).
The measures, if approved, would support domestic auto producers amid the auto market's sharp slowdown. Based on previous experience, we believe that the potential benefits would also apply to foreign assembly in Russia. We believe that Sollers (including its JV with Ford), GAZ and AvtoVAZ are the key potential beneficiaries of these initiatives.
Vladimir Bespalov
VTB Capital analyst

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