Vehicle sales in Taiwan in July 2013 stood at 26,841 units, up 4.8% year-on-year (y-o-y), according to the Taiwan Transportation Vehicle Manufacturers Association (TTVMA). Owing to the low base effects of H212, passenger car sales in July grew 6.5% y-o-y, to 22,110 units, which is in line with our view that passenger car sales will see a bounce in H213. This provided a lift to overall sales. While 7M13 car sales remained roughly unchanged on a y-o-y basis at 132,273 units, we believe favourable base effects will continue to aid sales in the coming months. We are maintaining our full-year …
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