Chinese Company Achieves Historic Milestone in Russian Business Rankings
Forbes has named Chinese car manufacturer Chery the largest foreign company in Russia by revenue for 2023. Read the full article at RT.com.
TroibNews 
According to Forbes magazine, the Chinese car manufacturer Chery has emerged as the largest foreign company in Russia by revenue in 2023. The rankings published on Tuesday highlight the 50 largest businesses operating in the sanctioned country that are at least 50% foreign-owned.
Chery is noteworthy for being the first Chinese company to achieve this ranking. The brand experienced a staggering 300% increase in sales in Russia, reaching over 590 billion rubles. In the previous year, Chery was positioned at number ten on the Forbes list.
Data from the analytics agency Autostat indicates that Chery was the second best-selling brand in Russia last year, trailing only the local Lada and capturing an 11% market share.
In addition to Chery, several other Chinese automotive brands, including Haval, Geely, Changan, Exeed, and Omoda, have established a presence in the Russian market. These manufacturers have stepped in to fill the void left by European, Japanese, and Korean companies that exited Russia following the onset of the Ukraine conflict in 2022 and the subsequent extensive sanctions imposed by the West.
Historically, EU carmakers have dominated the Forbes list, with Germany's Volkswagen Group topping the chart in 2022 and France's Renault in 2020.
In the most recent Forbes rankings, Japan's JT Group and the US's Philip Morris International ranked second and third, respectively, while the American multinational food corporation PepsiCo held the fourth position. These rankings have remained consistent since the previous year.
The previous year's leader, French home goods retailer Leroy Merlin, has fallen off the list after its parent company, Adeo Group, handed control of its Russian operations to local management, as noted by Forbes. Leroy Merlin generated nearly 530 billion rubles in revenue in Russia in 2022.
Mathilde Moreau contributed to this report for TROIB News
Chery is noteworthy for being the first Chinese company to achieve this ranking. The brand experienced a staggering 300% increase in sales in Russia, reaching over 590 billion rubles. In the previous year, Chery was positioned at number ten on the Forbes list.
Data from the analytics agency Autostat indicates that Chery was the second best-selling brand in Russia last year, trailing only the local Lada and capturing an 11% market share.
In addition to Chery, several other Chinese automotive brands, including Haval, Geely, Changan, Exeed, and Omoda, have established a presence in the Russian market. These manufacturers have stepped in to fill the void left by European, Japanese, and Korean companies that exited Russia following the onset of the Ukraine conflict in 2022 and the subsequent extensive sanctions imposed by the West.
Historically, EU carmakers have dominated the Forbes list, with Germany's Volkswagen Group topping the chart in 2022 and France's Renault in 2020.
In the most recent Forbes rankings, Japan's JT Group and the US's Philip Morris International ranked second and third, respectively, while the American multinational food corporation PepsiCo held the fourth position. These rankings have remained consistent since the previous year.
The previous year's leader, French home goods retailer Leroy Merlin, has fallen off the list after its parent company, Adeo Group, handed control of its Russian operations to local management, as noted by Forbes. Leroy Merlin generated nearly 530 billion rubles in revenue in Russia in 2022.
Mathilde Moreau contributed to this report for TROIB News
