Ukrainian car manufacturers increase production 44.4% yoy in 9M08

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Company                      9M07     9M08   Chg, yoy
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Bogdan                       36,675   70,427      92.0%
Eurocar                       19,989   30,671      53.4%
KrASZ                         14,601   19,794      35.6%
ZAZ                           168,446  224,306      33.2%
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Total                          239,711  345,198      44.0%
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New car sales in Ukraine  366,369  477,082      30.2%
Companies’ share in new car sales     65.4%    72.4% 

Note: ZAZ, Eurocar & KrASZ are not public companies. Source: Company data

Inna Perepelytsya: The 9M results show that Ukrainian producers are strengthening their position on the domestic market, increasing their share in new car sales from 65% in 9M07 to 72% in 9M08. Bogdan Automobile Plant (LUAZ: BUY) remains the leader by production growth 92% yoy vs. the industry average of 44% yoy. We believe the company will meet our full-year forecast of 93 ths cars.