Chinese automaker becomes the largest foreign company in Russia
The exodus of Western companies sparked by the Russian invasion and subsequent sanctions has completely changed Russia’s corporate landscape. New research into the top foreign companies active in the Russian market reveals the extent of that overhaul over the last two and a half years.
- Of the 50 biggest foreign companies in Russia, 11 are Chinese, Forbes Russia calculated. Automaker Chery is top of the list after its revenue in Russia quadrupled in 2023 to more than 590 billion rubles ($6.63 billion) on sales of some 220,000 automobiles on the Russian market.
- Two years ago there was only one Chinese company in the same ranking: Huawei. It remains on the list and has now been joined by the likes of carmakers FAW Group, Changan Automobile and JAC Group, white goods and electronics manufacturer HiSense and construction holding CRCC.
- Western companies still feature, but are less prevalent than in previous years. The United States has seven entries, then comes Germany (five), Belarus, Turkey and Switzerland (four each), France (three), Britain and Italy (two each).
- In previous years, the top spot was held by Western firms: Auchan / Elo (2015-2019), Renault (2020), Leroy Merlin / Adeo (2023), Philip Morris International (2021) and Volkswagen Group (2022). Leroy Merlin has dropped off the list altogether after Adeo, the parent company of the DIY store, sold its Russian assets to local management.
Why the world should care
Chinese companies have been among the biggest beneficiaries of the exodus of foreign firms from Russia, especially in the auto market. It’s no surprise that Chery became the biggest foreign brand: right now almost every new foreign vehicle on the Russian market comes from China.