Our general view for the Czech auto sector in 2013 is bleak, largely on the back of our belief that private consumption will remain subdued. Results for the year so far bear this out, with the heavier commercial vehicle segments outperforming the passenger and light commercial vehicle segments. Passenger car sales declined 8.6% year-on-year (y-o-y) in the first four months of 2013, to 51,514 units. BMI forecasts sales to decrease 6.0% over the year, which is a revision from our previous projection of a 0.9% decline. We believe that private consumption will remain subdued over the year as the government …
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