New car sales in Slovakia down by 23.8% y/y in August.

By bne IntelliNews September 9, 2010
New car sales in Slovakia stood at 5,624 vehicles in August, representing a decline of 23.8% y/y, the Slovak Automotive Industry Association (ZAP) informed. This posted a significant improvement from the 43.4% y/y decline in July. On a cumulative basis, sales volume reached 43,311 vehicles for the first eight months and dropped by 35.1% y/y. However, the car-scrapping stimulus scheme, introduced in March 2009, still has a major impact on the annual growth rates. Net of the scheme effect, there is a 28% y/y growth on a cumulative basis. Czech Skoda kept its market leader position in the passenger car segment with a share of 18.55% in Jan-Aug. Renault moved to the second position with 7.65% and Volkswagen stepped down third with 7.11%. The sales of trucks, weighing 3.5 to 12 tonnes, rose by 15.6% y/y to 296 units in Jan-Aug, while the sales of heavy trucks above 12 tonnes were up by 55.5% y/y to 1,031. Italian Iveco topped the light trucks segments with a 60.14% market share while Volvo led with a 21.34% market share in the heavy trucks segment. Intellinews comment: In our view, the positive development in the sales of trucks could be a signal that companies revive their investment activity and the economic sentiments are rising.

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