Exports Offset Weak Domestic Demand

BMI has revised down its vehicle sales forecasts to a more than 15% y-o-y decline in 2011 and expects only a modest 2.6% y-o-y recovery next year. The downgrade comes on the back of continued weakness in the passenger car sales segment where the market shifted 24% less cars, to 521,124 units, during 7M10 compared with the same period last year, according to estimates from the Spanish car association Anfac. Sales for commercial vehicles, on the other hand, were down 8.4% y-o-y, to 66,421 units, during H111, the European Automobile Manufacturers' Association (ACEA) estimates.

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