Private passenger car sales for the first four months of the year rose 25% y-o-y, to 11,996 units. We are maintaining our 2013 sales forecast of 3% growth, to 36,756 units. Commercial vehicle (CV) sales for the first four months of the year grew by 72%, to 2,182 units. We believe this surge in sales in the past few months was due to the incentive scheme for replacing Euro II diesel CVs with new CVs, which are less polluting. Given that this scheme is ending on June 30 2013, we do not believe sales will perform as well in H213.
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