Demand in the leading light vehicle markets fell by 3.5% in January, led by a 15% drop in China which is attributed to the timing of the New Year holiday and the impact of pull-ahead sales the previous month in anticipation of subsidies ending (though in the event the subsidies were extended). If China is excluded, demand in the remaining (Top-15) markets rose by 3.8%, helped by double-digit increases in India and Japan.
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