Latest data from the AEB Automobile Manufacturers Committee (AEB AMC) shows that sales were down last month by 33,348 units to 138,670 in total.

Year-to-date sales stand at 1,051,851 cars.

Joerg Schreiber, chairman of the AEB Automobile Manufacturers Committee, commented: “The pace of year-on-year sales decline slowed down further in August, suggesting the market is moving closer to finding some sort of equilibrium at a new, lower level. This may not happen too soon however, as currency fluctuations continue to have an enormous impact on day-to-day consumer behavior and demand for high-value goods like cars.

“The latest sharp drop in the value of the Ruble is a sure guarantee for the market to see an immediate uplift in sales, only to be followed by a corresponding slump later. So get ready for another ride on the Russian roller coaster!”