Boston, MA -- (SBWIRE) -- 09/09/2013 -- Passenger car sales in Brazil increased 3.8% year-on-year (y-o-y) in the first six months of 2013, to 1,325,850 units. This follows a 15.5% y-o-y decline in June, to 233,277 units. Passenger car sales spiked in Q312 on the back of the introduction of the government's tax incentives. We do not expect to see similar sales volumes in Q313, and believe the market will register negative growth in the next few months owing to strong base effects. Over the full year, however, we maintain a bullish outlook, forecasting 5.8% growth in 2013, as the government's recently extended tax breaks filter through to sales and private consumption picks up over the remainder of the year.

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