Western business exodus from Russia could benefit Chinese automakers

China has yet to place sanctions on Russia, allowing its businesses to continue operating.

Geely said its Russia business “had basically stopped” in a statement to Automotive News Europe but did not elaborate further on what that meant.

Vehicle exports from China to Russia trebled to 122,800 in 2021 from 42,700 in 2020, Bernstein said.

Great Wall builds vehicles in Russia in a plant in Tula state, close to Moscow, while Geely has a factory in Russia-aligned Belarus.

Chery has been in talks with a local plant to assemble cars in Russia, local industry analyst company Autostat reported last year.

Last year, 18 percent of the 1.67 million light vehicle sales in Russia were imported, with the remainder built locally, Autostat said.