NAFTA Automotive Outlook: Focus Mexico

NAFTA Automotive Outlook: Focus Mexico UDEM April 2013

Agenda Macroeconomic outlook Global sales and production outlook Europe outlook Americas outlook Mexico Production Summary

Annual real GDP growth in % World economic growth Modest gains expected; significant threats remain 10 8 6 4 2 0 World average 2013-2 -4 Political stalemate may cause US recession Debt crisis continues Hard landing averted? -6-8 World United States 2011 2012 2013 2014 2015-20 Japan Eurozone Brazil Russia India China Source: IHS DataInsight

Jan'07 Jan'08 Jan'09 Jan'10 Jan'11 Jan'12 Jan'13 Seasonally adjusted selling rates Indexed 2007=1 Light vehicle selling rates Western and Central Europe still lag rest of world 2.4 ASEAN C Europe E Europe GC 2.2 2.0 Gr China India Japan Korea N America S America W Europe 1.8 IN 1.6 1.4 2007 sales level Lehman Bros. collapse AS SA 1.2 1.0 0.8 0.6 0.4 EE JK NA WE CE Source: IHS Automotive analysis

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 16.9m LV sales in millions 30.6 m Global light vehicle sales outlook Long-term sales developments by major region 106.7 100 80 60 69.5 81.9 Others BRIC 40 20 0 16.1m 14.6m 15.6 million in 2020 16.7 million in 2020 Japan/ Korea Western Europe US Source: IHS AutoInsight

South America Greater China Indian Subcontinent ASEAN Middle East/ Africa East Europe North America Central Europe Oceania West Europe Japan/ Korea Pessimistic contingency Change in sales from base forecast Contingency risk: sales regions Fast-growing regions have largest downside potential 0% Pessimistic total volume change in 2013-20 -2% -4% -6% -8% -10% -12% -14% World average -16% -18%

Agenda Macroeconomic outlook Global sales and production outlook Europe outlook Americas outlook Mexico Summary

Sales in millions Global light vehicle sales outlook 2011 13 sales volume 83 827,000 351,000 26,000 138,000 135,000 78 1.9 million -478,000-445,000 82.0 million 73 75.7 million 79.5 million 68 3.1% 63 58 2011 2012 Greater China North America Japan/ Korea South Asia South America Central/ East Europe Middle East/ Africa West Europe 2013

Sales in millions Global sales 100 90 80 70 60 50 40 30 20 10 0 2010 2011 2012 Feb 2013 YTD 2013 2014 2015 Global sales 16% 14% 12% 10% 8% 6% 4% 2% 0% -2% -4% Change In February 2013, global demand slipped 2.9% year-over-year (y/y), but most of the decline relates to comparative seasonality issues relating to the lunar new year in China. From January to February 2013, global light vehicle sales grew an estimated 3.2% y/y. Gains in North America, South Asia, China, and Eastern Europe have helped to fend off the negativity elsewhere in the world. The light vehicle demand picture continues to be mixed, although bright spots remain, and for 2013, we have penciled in 81.97 million units, a gain of 3.1%. Year-on-year changes

Trend-cycle production SAAR in millions Regional and global production SAAR rates 26 90 24 22 20 18 16 14 12 10 8 6 4 Jan 2010 Europe supported by luxury exports Tsunami and earthquake in Japan disrupt production Apr 2010 Jul 2010 Oct 2010 Jan 2011 Apr 2011 Jul 2011 Oct 2011 Jan 2012 Apr 2012 Jul 2012 Economic uncertainty slows growth Oct 2012 North America stabilizes North America Europe China Japan/Korea Global Jan 2013 Apr 2013 Jul 2013 Oct 2013 80 70 60 50 40 Trend-cycle global production SAAR in millions

Production in millions Global production 100 30% 90 25% 80 70 60 50 40 30 20 20% 15% 10% 5% 0% -5% Year-on-year change 10-10% 0 2010 2011 2012 Feb 2013-15% YTD 2013 2014 2015 Global production Change The full-year outlook for 2013 is 83.2 million units, up 2.1% compared with 2012. Output from Japan/Korea and China is boosted this month to give an additional 400,000 450,000 units. In Japan/Korea, it stems from product-cycle adjustments, while China gains both domestically and from exports. Despite the positive adjustment in Japan/Korea, the region along with Europe will see output decline this year. The balance of Asia is positive, North America looks stable, and South America is supported by low inventories; MEA remains a risk.

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Millions Global Light Vehicle Production Near-Term Volatility, Long-Term Growth Trajectory 120 100 80 60 40 2013-20 Global Growth Rates Global Markets 3.8% Developing Markets 5.8% Developed Markets 1.5% 58% Developing Regions 20 0 Other ASEAN S AM India C/E EU China Japan/Kor W EU N AM Source: IHS Automotive Light Vehicle Production Forecast 12

Agenda Macroeconomic outlook Global sales and production outlook Europe outlook Americas outlook The rest of the world Questions and answers

Feb'08 May'08 Aug'08 Nov'08 Feb'09 May'09 Aug'09 Nov'09 Feb'10 May'10 Aug'10 Nov'10 Feb'11 May'11 Aug'11 Nov'11 Feb'12 May'12 Aug'12 Nov'12 Feb'13 Long-term bond yields (in percent) Euro crisis: Long-term bond yields ECB action easing fears; Cyprus may be trouble 8.0 7.0 Breaking point threshold The cause of the current euro crisis 6.0 5.0 4.0 3.0 2.0 1.0 0.0 Italy France United States Germany Spain Source: IHS DataInsight

Feb-03 Aug-03 Feb-04 Aug-04 Feb-05 Aug-05 Feb-06 Aug-06 Feb-07 Aug-07 Feb-08 Aug-08 Feb-09 Aug-09 Feb-10 Aug-10 Feb-11 Aug-11 Feb-12 Aug-12 Feb-13 Light vehicle sales SAAR (monthly data, annualized) European light vehicle sales Still trending down Where is the bottom? Pent-up demand across the EU climbs every day but sales keep falling 16,000 15,000 14,000 13,000 12,000 11,000 10,000 Source: IHS AutoInsight

Sales in millions Europe sales outlook 25 Central Europe East Europe West Europe Change 6% 20 15 10 5 4% 2% 0% -2% -4% -6% Year-on-year changes 0 2010 2011 2012 Feb 2013 YTD 2013 2014 2015-8% In February 2013, European sales reached 1.22 million units, down 6.7% versus February 2012. This result remains in line with the trend that was valid for most of 2012. Once again, Western Europe suffered heavy declines (down 10.7%), whereas Central and Eastern Europe fared much better (up 4.6%). Nevertheless, even this side of the continent has been experiencing a clear deceleration lately related to the cooling off in the Russian market. For the near future, we expect the situation to remain bleak: following the 2012 decline, full-year 2013 should keep pointing down, not reaching the 18.0-million-units threshold.

Production in millions Europe production outlook 25 Central Europe East Europe West Europe Change 20% 20 15 10 5 15% 10% 5% 0% -5% -10% Year-on-year changes 0 2010 2011 2012 Feb 2013 YTD 2013 2014 2015-15% European production in February 2013 is estimated to have declined 12.1%, as car manufacturers continue to align their production to a demand level that remains at the historically weak level seen in fourth-quarter 2012. The full-year 2013 European production outlook is stable compared with our last forecast, down 3.3% for the entire region, to 18.65 million units. Looking at 2014, our forecast is set at 19.30 million units, up 3.5% compared with 2013 but down 4.3% compared with 2011. We do not expect to see the light at the end of the tunnel before 2015, when output is expected to climb to 20.17 million units.

Intention to Buy New Vehicle in 6 Months 5.0 (Percent Yes) 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 6 Month Moving Average Actual Conference Board 19

New Auto Loans Delinquency Rates 4.0 (% - Accounts past due 30 days or more) 3.5 3.0 2.5 2.0 1.5 1.0 0.5 1975 1978 1981 1984 1987 1990 1993 1996 1999 2002 2005 2008 2011 Source: American Bankers Association Direct (Bank) Loans Months Indirect (Dealer) Loans 20

New Vehicle Buyers Average Credit Score Avg. Score 780 770 760 750 740 730 720 710 700 690 680 670 660 650 640 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 22% 21% 20% 19% 18% 17% 16% 15% 14% 13% 12% 11% 10% 9% 8% 7% 6% FICO SCORE % UNDER 670 Source: CNW Marketing 21

New Auto Loan Application Approvals 85% 80% 75% 70% 65% 60% 55% Jan-02 Jan-04 Jan-06 Jan-08 Jan-10 Jan-12 Source: CNW Marketing Unweighted Average of Prime, Near and Subprime Months 22

120% New Auto Loan Application Approvals 100% 750 and Above 80% 60% Between 620 and 749 40% 20% 0% Credit Score less than 620 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Prime Near Prime Sub Prime Source: CNW Marketing Months 23

Median Age New Vehicle Buyer 53 (Years) 51 49 47 45 43 41 39 37 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 CNW Marketing Months 24

10.0 9.5 9.0 8.5 8.0 7.5 7.0 6.5 6.0 5.5 5.0 4.5 New Auto Loan Rates Commercial Banks (Percent) 1998 2000 2002 2004 2006 2008 2010 2012 Quarters Federal Reserve Board 25

Incentives to MSRP 26 (Percent) 24 22 20 18 16 14 12 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 CNW Marketing Months

Residual Value Index 100% 90% (Index = Lease contract residual value versus CNW estimate of residual at end of lease term) 80% 70% 60% 50% 40% 30% Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 GM Ford Chrysler Industry Toyota Honda Nissan Source: CNW Marketing Months 27

U.S. Light Vehicle Sales Lease Penetration (Share) 29% 28% 27% 26% 25% 24% 23% 22% 21% 20% Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Source: CNW Marketing Leases by Month 28

U.S. Light Vehicle Inventory Units 4,500 (Units in thousands) 4,000 3,500 3,000 2,500 2,000 1,500 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 Months Seasonally Adjusted 29

U.S. Light Vehicle Inventory Days Supply 120 (Days Supply) 110 100 90 80 Light Trucks 70 60 50 40 Cars 30 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 Months Seasonally Adjusted 30

New demographic realities lower US auto sales prospects outbound (mid term intact) 18,000,000 16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 `04 `06 `08 `10 `12 `14 `16 `18 `20 `22 IHS2013 (March after pop downgrade) IHS2013 (Jan) Lower population has direct and indirect impacts on auto markets. Including lower overall projected growth in US economy and consumption levels Fewer than expected households especially further outbound Adjusted for car ownership propensities total effective car owning population is reduced by around 3m by 2023, Lowering required parc and thus new vehicle sales after 2019 by a figure building up to 500,000 per year Potential segment impact weaker residuals in small and mid size, and lower passenger car sales including compacts but also weaker Pick-up sales. Any less downsizing of segment mix could well mean CAFE 2025 targets will be missed by a bigger margin Source: IHS Automotive

United States Light Vehicle Sales, SAAR (Units in millions) 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 Jan-01 Jan-03 Jan-05 Jan-07 Jan-09 Jan-11 Jan-13 SUVL 32

13 United States Car & Truck Sales, SAAR (Units in millions) 12 11 10 9 8 7 6 5 4 Jan-00 Jan-02 Jan-04 Jan-06 Jan-08 Jan-10 Jan-12 CARS LT. TRUCKS 33

Big Three Domestic vs. Import Name Plate Car & Truck Sales, SAAR 13 (Units in millions) 12 Detroit Big 3 11 10 9 8 7 6 5 Import 4 Jan-00 Jan-02 Jan-04 Jan-06 Jan-08 Jan-10 Jan-12 Months 34

United States Car & Truck Sales, SAAR - Asian Manufacturers 3.0 (Units in millions) 2.5 2.0 1.5 1.0 0.5 Jan-95 Jan-97 Jan-99 Jan-01 Jan-03 Jan-05 Jan-07 Jan-09 Jan-11 Jan-13 TOYOTA HONDA NISSAN X12A Seasonal Adjustment Months

United States Car & Truck Sales, SAAR 1.40 (Units in millions) 1.20 1.00 0.80 0.60 0.40 5 0.20 0.00 Jan-95 Jan-97 Jan-99 Jan-01 Jan-03 Jan-05 Jan-07 Jan-09 Jan-11 Jan-13 SUBARU MITSUBISHI MAZDA VW Group HYUNDAI/KIA X12A Seasonal Adjustment Months

Sales in millions United States sales outlook 18 16 United States Change 16% 14% 14 12 10 8 6 4 12% 10% 8% 6% 4% Year-on-year changes 2 2% 0 2010 2011 2012 Feb 2013 YTD 2013 2014 2015 0% With a seasonally adjusted average selling rate (SAAR) of 15.33 million units, US light vehicle sales in February were above the 15-million-unit rate for the fourth consecutive month. At least for now, the mixture of ample inventory, targeted incentives, improving credit availability, and a continuous churn of aging vehicles needing to be replaced has outweighed potential problems facing consumers such as the expiration of payroll tax cuts and the latest round of government impasse on fiscal matters.

Production in millions Sales in millions South America sales and production outlook 7 6 5 4 3 2 1 0 6 5 4 3 2 1 0 2010 2011 2012 Feb 2013 2010 2011 2012 Feb 2013 YTD 2013 2014 2015 South America YTD 2013 2014 2015 South America 20% 15% 10% 5% 0% -5% Change 14% 12% 10% 8% 6% 4% 2% 0% -2% -4% -6% Change Year-on-year changes Year-on-year changes Year to date, the region is experiencing pent-up demand with a 5% uptick relative to 2012, reporting 906,000 units sold. IPI hike was delayed until the end of the year. Venezuela is facing political uncertainty. Credit limits Brazil, Argentina and Colombia Full-year 2013 sales will essentially be flat. South American production reached 292,660 units in February 2013, up 1.4% versus February 2012. Brazilian output decreased 19.1% compared with January 2013, reaching 212,945 units due to lower production days and holidays. South American production volumes of 4.45 million units in 2013 and 5.23 million units in 2015.

Production in millions North America production 18 16 14 12 10 8 6 4 2 0 2010 2011 2012 Feb 2013 North America Change YTD 2013 2014 2015 North American output in February 2013 was flat, up just 5,800 units from year-ago levels to 1,329,648 units produced. Inventory levels at the end of February 2013 (US inventory stands at 3.23 million units) have been largely replenished since supply-chain shocks in 2011 and 2012, resulting in more limited incremental production gains in 2013. In February 2013, US production rose 1.4% to 890,005 units, up 12,354 units from year-ago levels. In 2013, US production of 10.73 million units will reflect a 6% gain in production levels to support stronger sales. Forecast settings will reach 15.9 million units in 2013, rising to 16.3 million units in 2014 before breaking the 17.0-million-unit mark in 2015. 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Year-on-year changes

North American Light Vehicle Production 2013 vs. 2012 OEM 2013F (000s) 2012 (000s) % Units (000s) GM 3,237 3,233 0.1% 4 Ford 3,003 2,842 5.7% 161 Chry/Fiat 2,457 2,371 3.6% 86 Detroit 3 8,697 8,446 3.0% 251 Toyota 1,782 1,776 0.3% 6 Honda 1,721 1,676 2.7% 45 Ren/Nissan 1,454 1,316 10.5% 138 Hyundai 722 714 1.1% 8 Asian 4 5,679 5,482 3.6% 197 VW 765 766-0.1% -1 BMW 289 302-4.3% -13 Daimler 176 191-7.9% -15 German 3 1,230 1,259-2.3% -29 Others 249 227 9.7% 22 Total 15.9M 15.4M 2.9% ~450 Production growth rate moderates, yet recovery progresses GM Significant launch activity, including new K2XX Pickups Chrysler Fiat-based product ramps-up Nissan Migration of CUV production; Mexico expansion Transitional year prior to new program/plant launches in 2014/2015 Source: IHS Automotive Light Vehicle Production Forecast 40

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Millions North American Light Vehicle Production Compelling Growth Prospects 18 15 12 9 6 3 0 15.6 0.6 15.1 15.4 1.6 German 3 1.4 0.5 2.4 2.9 4.4 4.9 17.2 2.9 2.9 4.7 5.6 0.8 4.6 2.5 2.9 4.2 8.6 0.5 3.2 0.9 1.9 1.9 13.1 1.0 4.1 2.0 2.7 3.1 1.3 5.5 2.4 2.8 3.2 17.0 6.4 17.7 6.7 2.4 2.4 3.1 3.2 3.4 3.4 Others Asian 4 Chrysler/ Fiat Ford General Motors Source: IHS Automotive Light Vehicle Production Forecast Production outlook follows demand recovery with import substitution and export activity providing additional support Most manufacturers are poised to post gains; favors OEMs with further capacity expansion plans: BMW, Hyundai, VW, Nissan, Toyota & Honda Global product/platform strategies enable competitive sourcing shifts 41

Exports Expansion Localization Millions Demand Environment North America Light Vehicle Sales and Production 22 20 18 16 Pre-Restructuring Net Output Gain Post Restructuring 14 12 10 8 NA Sales NA Production 6 From 2001-2008, regional sales eclipse output by 24% or 3.65 million units Gap is slashed nearly in half from 2010 2019, as sales outpace production by 13% or by 2.0 million units Sales growth continues yet outlook remains cautious, fails to reach historical highs Long-term output to far surpass pre-restructuring average of ~16.0 million units 42

North American Vehicle Exports (Millions) Production Outlook North American Produced Vehicle Exports Bolster Prospects 2.0 1.8 1.6 1.4 North American Vehicle Exports by Region Europe South America Middle East/Africa Greater China Other 1.62 1.37 1.28 1.28 1.78 Greater use of global platforms allows for more export ready product 40+ Free trade agreements drive Mexican output 1.2 1.0 0.8 0.6 0.4 0.2 0.0 1.05 0.89 0.87 0.78 0.71 0.67 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Expansion of luxury segment capability across the region into Mexico EU sovereign debt crisis tempers EU exports, yet BRIC demand grows Sourcing patterns favor NA expansion as a safe haven; with currency hedge & export prospects Source: IHS Automotive Light Vehicle Forecast 43

Market Dynamics Competitive Pressures Intensify with New Launch Activity 60 North American Program Launches 50 40 30 20 30 43 24 23 20 19 19 25 24 45 34 21 26 35 39 35 10 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Calendar Year Source: IHS Automotive Light Vehicle Production Forecast 44

Millions Production Outlook Global Output of D-/E-Segment CUVs By Region 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 North America Japan/Korea Europe Greater China South Asia 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 North America is the leading producer of high-margin CUVs Positioned evolved from strength in SUV category, comes full circle via global platform deployment Powertrain advances help drive role as global exporter: BRIC markets, ME/Africa, S. America, China, etc. Region holds global sourcing position for luxury & volume brands

Millions Production/Capacity Contributions Localization Drives Higher Regional Output 4.0 3.5 3.0 2.5 2.0 Since 2008 15 New Plants Output: US 60%; Mexico 40% Asian 4: more than half of gains German 3: ~18% of new output 1.5 1.0 0.5 0.0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Renault/Nissan VW Toyota Mazda Hyundai Honda GM Other 46

Mexico Light Vehicle Sales Seasonally Adjusted Annual Selling Rate - SAAR 1.3 (Units in Millions) 1.2 1.1 Monthly 1.0 0.9 0.8 0.7 0.6 0.5 0.4 Annual Average 0.3 1/1/1997 1/1/1999 1/1/2001 1/1/2003 1/1/2005 1/1/2007 1/1/2009 1/1/2011 1/1/2013 50

Monthly Sales Moving Average vs. Consumer Confidence 1200 Thousand Units Index 120 1100 110 1000 100 900 90 800 80 700 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 70 LV Sales (left scale) Consumer Confidence 51

Mexico - Light Vehicle Sales 1,400,000 1,300,000 Units Used car imports and credit availability limit growth 30% 1,200,000 20% 1,100,000 10% 1,000,000 0% 900,000 800,000-10% 700,000-20% 600,000 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Light Veh -L Annual Change -R -30% 52

Mexico Market Share 100% Percentage 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Nissan grows in coming years 2005 2007 2009 2011 2013 2015 2017 2019 Others Mitsubishi Daimler Suzuki BMW Mazda Honda Toyota Ford Fiat Volkswagen General Motors Renault/Nissan

Millions Mexico Global Segmentation 0.60 Units 0.50 0.40 0.30 0.20 0.10 0.00 A B C D E F HVAN 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 54

Millions Mexico Bodystyle 0.60 Units 0.50 0.40 0.30 0.20 0.10 0.00 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 55

Producing for Export Forecast at risk due to Brazil 4.5 Mexico Light Vehicle Production (millions of units) 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 PROD 56

Mexico to Brazil ACE 55 Imports from Mexico [US$] Imports from Mexico [Units] Vehicle price per unit [US$] 2009 2010 2011 2012 2013 2014 947,500,00 1,260,900,000 2,070,000,000 1,450,000,000 1,560,000,000 1,640,000,000 60,138 76,748 121,745 136,541 152,000 142, 500 15,755 16,429 17,003 10,500 10,600 10,700 Very little impact YOY to 2012 figures, but we had expected 200-250K actual was 190K. Impact will be hardest for 2013 and 2014. Difficult to compete after quota is hit, so far Asians are down 20-40% 57

Who exports Gov 2012 2012 Act 2012 ACT 2013 EST 2014 EST Fiat 21.90% 15.63% 21,345 22,689 23,337 Ford 14.51% 20.01% 27,324 17,098 19,762 General Motors 10.82% 7.93% 10,829 26,376 30,385 Honda 17.15% 8.03% 10,964 13,405 14,356 Renault/Nissan 23.75% 36.67% 50,067 50,298 25,292 Volkswagen 11.87% 11.73% 16,012 22,011 29,161 Distribution is in flux based upon ramp up of product by OEMs in Brazil 58

Mexico Light Vehicle Production By OEM 1,000,000 900,000 800,000 700,000 600,000 500,000 400,000 300,000 200,000 100,000 Units 0 Renault/Nissan Volkswagen General Motors Fiat Ford Honda Toyota Mazda 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 59

Bottom Line With the exception of Western Europe, global demand will continue to gather momentum The US has turned the corner, promising outlook for sales and production Risks are still out there for US and EU Mexican demand has broken the million unit mark! Mexico has to explore new opportunities given this scenario, South America presents great potential Production is promising but big uncertainties lie in the future

Thank you for your participation! April 2013 Guido Vildozo Manager, Latin America Vehicle Sales Forecasts +1 781-301-9037 Guido.Vildozo@ihs.com

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