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Ukraine's auto production crumbles 93.5 pct in Q1

Xinhua, April 7, 2015 Adjust font size:

Ukraine's auto production plunged 93.5 percent year on year in the first quarter, show official figures released Tuesday, indicating that the industry is on the verge of collapse.

The Ukravtoprom Analysis Group said in their latest report that a total of 922 vehicles were produced in Ukraine in January-March 2015, as compared with 14,156 units manufactured in the same period last year.

In the first three months, the output of passenger cars saw the largest yearly decline of 96.1 percent, and that of buses and trucks was 42.6 percent and 22.9 percent down, the report said.

Ukraine's auto-makers are suffering major losses amid sharp decline in domestic demand triggered by the ongoing crisis in the country.

Ukraine's new-vehicle sales slumped to a 14-year low in March, as prices have risen sharply, while risk-averse banks are unwilling to offer loans for car purchases. Endi