Tentative Recovery On The Cards

BMI's long-standing view that 2011 will turn out to be a positive year for the Venezuelan autos industry -- mostly on the back of the low base effects from the last three years -- is beginning to play out. New vehicle sales in Venezuela grew an impressive 18.4% year-on-year (y-o-y) in June, leaving the cumulative H111 sales down a moderate 2.8% y-o-y, according to estimates from the Venezuelan autos chamber, Cavenez.

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