Well, Russia has become the largest European car market nearly 18 months ahead of predictions. Carlos Ghosn reckoned it would happen within two years. That was in January… of this year. Just a month ago, John Fleming, boss of Ford Europe, shuffled that deadline to 2009. 

Yet, as of today, Russia officially spends more on cars than Germany.

Here’s the rub, though. Chevrolet is the most popular foreign brand in Russia. It sold 103,000 vehicles there last year, but look at the GM share price. Its hovering just above $10. On 3 May 1999 it was above $90.

How can this sales success have such a negative effect on the value of the company? Is it discounting? Is GM actually selling cars for less than it costs to make them?

Answers on a postcard. Actually, on second thoughts, please put them in the comments as usual.