China's automakers hit by ruble depreciation

A plunge in the value of the ruble in 2014 dealt a blow to Chinese automakers who see Russia as a major export destination.

Russia was the world's seventh largest auto market in 2013, with sales reaching 2.95 million units. Chinese automakers operate more than 160 dealerships in the country.

Zhejiang-based Geely Automobile said in a statement in late December that its net profit in 2014 could be halved due to the ruble's depreciation and the lackluster performance of its new models.