Boston, MA -- (SBWIRE) -- 07/11/2013 -- Executive Summary

Passenger car sales in Bulgaria declined 9.8% y-o-y in the first quarter of 2013, to 3,541 units (although this figure may be subject to an upward or downward revision due to the unreliability of the statics). In 2013, we expect private consumption to remain weak on the back of prolonged political uncertainty exacerbating existing dynamics in the labour market. The weak sales figures to date and our bearish outlook for consumer sentiment have prompted us to revise our 2013 sales forecast to a decline of 12% over the year, from a 3.3% decline previously.

Indeed, Passenger car sales in Bulgaria have declined considerably from 2008 levels, when sales hit some 43,000 units. Sales in this segment have remained relatively weak since then, and we do not see the market reaching these levels again within our 2017-forecast period.

In December 2012, Chinese auto manufacturer Build Your Dreams (BYD) and Bulgarian manufacturer Bulmineral announced that they are to jointly construct an auto assembly plant in Sofia, Bulgaria to produce electric cars and electric buses. BMI believes that the European electric vehicle (EV) market is set to receive considerable investment from international auto manufacturers over the medium term on the back of increasing sales and government incentives for sale and production. Further, we believe that Bulgaria may attract further investment from auto manufacturers on the back of ongoing investments in the region as companies continue to pivot from Western Europe.

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