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Drop in car sales in Russia worse than sanctions for Slovak carmakers

Xinhua, February 27, 2015 Adjust font size:

Slovak carmakers have suffered far more problems from the fall of sales in Russia than with EU-Russia sanctions as such, said president of the Slovak Car Industry Association Jaroslav Holecek on TABLET.TV on Thursday.

"The drop in car sales in Russia has also affected Slovak producers. Two of the three Slovak car producers, Volkswagen, Kia and Peugeot-Citroen, have very significant markets in Russia," said Holecek, adding that it's fortunate that Slovak carmakers sell on global markets and aren't entirely dependent on sales in Russia.

The car industry is key for the Slovak economy, which is partly attested to by the number of cars produced.

Holecek noted that more than 974,000 cars were made in Slovakia last year.

"We estimate that, if nothing unexpected happens, we'll approach the figure of 1 million produced cars this year," added Holecek. Endit