Looking at sales trends over the first four months of 2013, Russian new light vehicle sales were down by 2.2% year-on-year (y-o-y), at 862,298 units. April was a particularly poor month for the sector, with sales reportedly down by 8%, at just 245,334 units. Although we do not expect April’s sharp rate of decline to continue over the remainder of the year, we do expect overall sales growth to remain somewhat subdued. Indeed, in light of this disappointing 4M12 sales data and a fairly bearish outlook for private consumption in Russia, we are revising our 2013 sales forecast to 3% …
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