Vehicle sales in Venezuela declined 22.9% y-o-y in the first quarter of 2013, to 25,639 units. On the back of these ongoing declines in sales volumes and an increasingly bearish macro picture, we forecast a decline of 25% in 2013. The country’s weak consumer story could have a stronger impact on sales, however, and we caution that the risks to our sales forecast are firmly to the downside. The macro picture in Venezuela is increasingly bearish, and we believe that this will continue to impact sales over the year. The government’s recent currency devaluation will pose a considerable upside risk …
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