Eurozone Fears Threaten Autos Sector

Unimpressive growth in incomes, a tough domestic environment and the uncertainty over the eurozone debt crisis continue to discourage new vehicle sales in Italy. Estimates from the Italian Association of the Automotive Industry (Anfia) indicate that the passenger car market fell 12% y-o-y in the first eight months of this year, to 1.22mn units, while commercial vehicle sales grew a modest 1% y-o-y in H111. While we expect this divergence to continue, we have downgraded our 2011 forecast to a 6.4% y-o-y fall in sales.

To read the full article, please choose one of the following options: