Executive Summary April auto sales figures from the Taiwan Transportation Vehicle Manufacturers Association (TTVMA) came at 17,382 units, down 3.3% year-on-year (y-o-y). Vehicle sales for the first four months of 2013 were 89,533 units, down 10% y-o-y. The poor start to 2013 has caused us to downgrade our sales growth forecast for this year to 2.7%, to 277,000 units, from 7.3% previously. Passenger car sales have not fared too badly, with both January and April registering positive y-o-y growth. However, the weak start to 2013 has caused us downgrade our sales growth forecast to 4.0% from 7.0% previously, to 220,000 …
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