Ukraine's auto production drops 71.3 pct in 2015

Ukraine's automotive industry has continued its free fall in 2015, dropping 71.3 percent year-on-year, local media reported Monday, citing the latest report from the Ukravtoprom Analysis Group.

According to the report, last year, Ukraine's carmakers produced just 8,244 vehicles compared with 28,751 units a year ago and 50,449 vehicles in 2013.

Last year, the output of passenger cars saw the largest yearly decline of 78.2 percent, the production of commercial vehicles was down 11.2 percent, while bus output dropped 0.5 percent, the report said.

The 2015 marked the fourth consecutive year of decline for the Ukrainian automobile industry, which is suffering from the country's economic and political instability.

Local experts attributed the poor performance of the industry to high inflation rate, loss of exports markets and the conflict in eastern regions, which triggered an uncertainty in the society and a drop in the domestic consumer demand. Endit