In August, global light vehicle sales dipped 0.1% yoy to 6.99m, after a 0.3% decline in July, resulting in a 0.9% increase to 57.09m YTD. For FY15E, we expect a global LV market of 88.1m, implying an increase by 0.7% or 0.6m. This is a downgrade from the previous forecast of 89.0m and an implied increase by 1.7% or 1.5m. The FY15E growth rate is thus expected to be a fraction of FY14’s 3.7% and FY13’s 4.0%.