Over the first five months of 2013, vehicle sales in Argentina increased 15.0% y-o-y, to 374,130 units. This follows a rise of 32.3% y-o-y in May and 30.1% y-o-y in April, which we believe has artificially buoyed the year-to-date figure. For now, we maintain our forecast for a 10% increase in 2013. Despite this sharp increase, BMI maintains a bearish outlook on vehicle sales growth in the country, predicated on persistently high inflation and unemployment levels depressing consumer sentiment. Currency effects have played a large part in this strong year-to-date growth; we believe that such effects may prove to be …
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