Bogdan Motors increases output 10% yoy in 2M12

Bogdan Motors (LUAZ UK) increased vehicle production by 10% yoy to 2,228 units in 2M12, while the total Ukrainian automobile output fell by 17% yoy to 11,340 units during the period, Ukrautoprom reported yesterday. Total Ukrainian vehicle production was down 36% mom and 29% yoy in the month of February to 6,530 units due to a sharp decline in output at AutoZAZ.

Top-3 Ukrainian car producers

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                  Jan-2012  yoy    Feb-2012   yoy
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AutoZAZ     3,769       19%    2,181  -60%
Bogdan         45          n/a     2,183   10%
Eurocar       533         68%    1,622  120%
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*Source: Interfax

Roman Dmytrenko: We believe the 60% yoy decline by Ukraine’s largest car producer in February is a one-off. The slowdown in production is likely attributed to assembly line adjustments as a result of the launch of a new ZAZ Vida model in mid-February. Output growth at the other two large auto makers reflects a 45% yoy increase in new car sales in Ukraine in February. We expect growth in new car sales in Ukraine to continue throughout the year, which will allow local producers to increase their output by 20-25% yoy in 2012.