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Market Report, "Spain Autos Report Q3 2012", Published

Fast Market Research recommends "Spain Autos Report Q3 2012" from Business Monitor International, now available


Boston, MA -- (SBWIRE) -- 08/14/2012 -- The ongoing gloom in the Western European markets is falling heavily on the Spanish autos production segment, with the first four months autos production declining a hefty 16.5% year-on-year (y-o-y), according to estimates from the Spanish autos association Anfac. With exports accounting for as much as 90% of Spain's vehicle production in 2011, it is not surprising that a more than 20% y-o-y fall in export demand between January and April 2012 has made Spanish carmakers cautious about stepping up their production. In view of this pessimism, BMI has revised down its forecasts for both the export and production segments to contract nearly 10% y-o-y and 12% y-o-y respectively in 2012.

Meanwhile, there is little optimism in the domestic demand space. The downturn has continued well into 2012, with 4M12 new car sales declining by 7% y-o-y, according to ACEA estimates. Commercial vehicle demand, on the other hand, fell more than 24% y-o-y during the same period as the overall economic outlook deteriorates. Leading indicators, particularly unemployment and house prices have deteriorated significantly over the past three to six months and the National Statistics Institute estimates a 0.3% contraction in the country's real GDP in the first quarter of 2012. With the rest of the eurozone caught up in a pronounced slowdown, we hold on to our forecasts of a more than 6% y-o-y fall in vehicle sales in 2012, followed by a cautious 3.2% y-o-y growth in 2013.

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Depressed domestic demand and lacklustre production growth have meant that Spain has slipped to the tenth position in BMI's Risk/Reward Ratings, down from eighth last quarter. The country lost some points due to depressed domestic demand for vehicles, while the likes of Poland and Turkey were quick to gain points on the back of new investments and fairly resilient domestic demand.

In the medium to long term, however, there is scope for Spain to reclaim its position. While some help will undoubtedly come from the recovery in domestic vehicle sales, BMI believes that new production commitments from existing carmakers clearly create some room for optimism. In May 2012 itself, Nissan Motor revealed it will start manufacturing its e-NV200 all-electric van at its Barcelona facility in Spain by end-2013. The company will invest around EUR100mn (US$125.31mn) in the facility and its suppliers, with the van's production expected to generate nearly 700 new jobs. Nissan aims to produce 20,000 units of the van during the first year of production, with output to be exported to global markets.

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