Passenger car sales for the first four months of the year rose 7.4% y-o-y, to 20,962 units. We are maintaining our 2013 sales forecast of 3% growth, to 36,756 units. Total commercial vehicle (CV) sales for the first seven months of 2013 came in at 3,483 units, up 49.4% yo- y. While there was a surge in March in both the light and heavy CV segment, we believe it was due to the incentive scheme for replacing Euro II diesel CVs with new CVs, which are less polluting. However, this scheme has now ended and sales have fallen back to …
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