Improved Consumer Sentiment Prompts Forecast Revision

Strong consumer demand and improved business confidence have resulted in a better-than-expected recovery in German new vehicle sales during Q111. According to estimates from the German autos association VDA, passenger cars and commercial vehicle sales increased 14% year-on-year (y-o-y), to 763,600 units, and 30.9% y-o-y, to 76,426 units, respectively during the quarter.

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