from Wolf Street:
Russians are watching with trepidation and with memories of what happened last time to their rubles: near total destruction. They trust their banknotes as far as they can throw them. And they’re taking action. They’re converting their rubles into dollars and euros, thereby contributing to the crash of the ruble. And what they can’t convert into hard currency, they spend on “hard assets” of all kinds, furniture, iPhones, jewelry…. And wealthy Russians are going for luxury cars.
Lexus sales soared 63% in November, and dealers had to hire staff to come to grips with this onslaught of business. Porsche sales jumped 55%. Sales at Nissan’s luxury unit, Infiniti, rose 23%. Mercedes booked a 7% gain. In a year that has otherwise been terrible for automakers in Russia.
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