Our base-case outlook for Europe's auto industry in 2012 assumes that light-vehicle sales will fall by about 5% year on year in the Western European market to about 13.6 million vehicles, or to 14.3 million for the EU-27 that includes Eastern European countries such as Hungary, the Czech Republic, and Poland, where demand is still sustained. Furthermore, we think any rebound in 2013 will be limited. Our assumption is that all five of the largest car markets in Western Europe will be ...
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