The cherry on top: Chinese carmakers dominate Russia's market
Forbes reports that 11 of the 50 largest foreign companies are Chinese enterprises. The Chinese car manufacturer Chery took first place in this ranking.
Within just one year, Chery's revenues increased fourfold. By the end of 2023, they amounted to 6.6 billion USD. Over 220,000 cars of brands such as Chery, Exceed, Omoda, Jetour, and Jaecoo have already been sold on the Russian market. Chery has been repeatedly accused of unlawfully copying the designs of foreign car models.
Besides Chery, two other Chinese automotive companies ranked in the top ten: Great Wall Motor (5th place) and Geely Automobile (10th place).
Out of the 50 positions in the ranking, 11 belonged to Chinese enterprises. Thus, China has overtaken the previous leader, the United States. Currently, there are seven American enterprises on the list.
Last year, the ranking leader was the household goods store chain Leroy Merlin. However, since the Russian management took control of the company, it has dropped out of the list.
Foreign companies in the Russian market are also earning more and more. According to Forbes, revenues in 2023 increased by 31%, exceeding 75 billion USD. This growth is primarily due to the increasing sales of Chinese cars in the Russian market.
Russia's invasion of Ukraine: Chinese business in Russia grows thanks to sanctions
Previously, companies such as the retail chain Auchan (2015-2019), the automotive corporation Renault (2020), the tobacco giant Philip Morris (2021), and the German car manufacturer Volkswagen Group (2022) appeared in the Forbes rankings.
However, everything changed with the invasion of Russian troops into Ukraine in 2022. At that time, many international companies, including those listed in the Forbes ranking, announced their withdrawal from the Russian market or at least a limitation of their activities there. This gave Chinese enterprises room to operate, which, in defiance of most countries, did not impose any sanctions on Russia.
