Automakers Halt Russian Car Sales Over Ruble’s Collapse

Car shoppers in Russia might not be able to buy from their favorite automaker this holiday season.

Numerous automakers including General Motors, Audi and Jaguar Land Rover have completely halted sales in the country this week, as the ruble continues to collapse. The country has seen the value of its currency drop over 40 percent since June, making it Russia’s biggest financial crisis since 1998.

According to a recent report, opportunistic shoppers in Russia have been picking up Porsches and other luxury cars to convert their savings into something tangible over the last few weeks and now that temporary boost in the industry has turned into a liability.

Some automakers like Toyota are turning to price increases while the Volkswagen Group will resume Audi sales after it sets a new price list, but Volkswagen car sales will continue for the time being.

[Source: Automotive News]