Concerns Over US Hurt Recovery In Commercial Vehicles Segment

Recovery in the Mexican commercial vehicles segment is beginning to weaken further, due to growing concerns over a slowdown in the US economy. Estimates from the Mexican Association of Automobile Dealers show that truck sales by unit declined almost 9% year-on-year (y-o-y) in August, while sales of buses grew a modest 12.5% y-o-y. The slowdown does not bode well for the segment, which is operating at almost half the pre-crisis volume. On the back of our downward revision of the US GDP growth forecast to 1.6% y-o-y in 2012 - compared with 2.4% y-o-y growth expected earlier - we are

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