Return To Pre-Crisis Sales Unlikely Before 2015

A better-than-expected rebound in new car sales is leading an overall recovery of Slovakia's auto market. Estimates from the European autos association (ACEA) reveal that while passenger car sales grew an impressive 23.4% year-on-year (y-o-y) in H111 in Slovakia, sales of commercial vehicle remained lacklustre, falling over 10% in 5M11. Although the trend lies in sharp contrast to the continued weakness in household consumption and robust uptick in business activity in the overall economy, we expect vehicle sales in Slovakia to gather steam during the remainder of the year. BMI accordingly forecasts total vehicle sales to end 2011 up 9.4%

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