Complete Recovery Is Still A Way Off

With passenger car sales in the first seven months of this year reaching 100,402 units, down 0.01% from the same period last year, BMI has lowered its forecast for passenger car sales growth from 2.8% to 1.5% y-o-y, in 2011. We still believe positive growth is achievable based on buying patterns in previous years, when sales in the latter months of the year have rebounded from a slower summer period. We have also lowered our light commercial vehicle forecast to growth of 2%, owing to the private usage nature of some of the vehicles included in the segment, which will also be hit by weaker private consumption.

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