Sales Will Be Weighed Down By Poor Credit And Weaker Household Demand

Although new car sales in Ukraine increased a robust 30% year-on-year (y-o-y), to 88,255 units, in the first half of this year - according to BMI estimates derived from Ukrainian autos association (Ukrautoprom) - we are increasingly concerned about the sustainability of this trend during the remainder of this year. As such, we believe that our end of year forecast of a 9% y-o-y rise in car sales, to 209,700 units, remains firmly on the cards. If any, we see downside risks to this forecast as vehicle shortages and slackened credit conditions are beginning to weigh heavily on new car

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