The market of new vehicles is expected to hit the 350,000-unit mark this year, up approximately 18% on last year following an accelerated renewal of cars and an increase in the level of imported vehicles.

"The automotive market in Romania has developed in the context where we still have the lowest rate of car ownership out of the 27 EU countries. Growth was also driven by a 22% increase in incomes, financing schemes available from financial institutions and importers' promotional campaigns," stated Marius Tudor, general secretary of the Association of Automotive Manufacturers and Importers during the "Romanian Automotive Market: A Market of Contrasts" seminar, organised by ZIARUL FINANCIAR, in partnership with Automobile Dacia, Goodyear Dunlop Romania and Castrol.

Unlike in Poland and Bulgaria, where sales of new cars were hurt by the booming imports of second-hand cars after the accession to the European Union, new car registrations in Romania increased by almost 20%, while imports of used cars witnessed declines by up to 6,000 units a month.

The renewal of Romania's automotive fleet was also aided by the scrapping bonus and the first registration tax, which was introduced earlier this year. The automotive market has therefore progressed from 135,305 units in 2003 to almost 350,000 vehicles this year, while Romania became the country with most new vehicle registrations per 1000 people in 2007. APIA expects a moderate growth of 10% for the entire market in 2008, if fiscal and legislative conditions remain the same.

In turn, Automobile Dacia estimates sales of new vehicles will amount to 349,000 units (of which 315,000 cars and 34,000 utility vehicles) this year, concurring with APIA's estimates, an increase of 20% on last year. The carmaker announced it would continue its investment programme in 2008, with 150-160 million euros earmarked t