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This paper presents a theoretical study of the throughput of mobile content distribution (MCD) in vehicular ad hoc networks (VANETs). Since VANET is well-known for its fast-changing topology and adverse wireless channel environments, various protocols have been proposed in the literature to enhance the performance of MCD in a vehicular environment, using packet-level network coding (PLNC) and symbol-level network coding (SLNC). However, there still lacks a fundamental understanding of the limits of MCD protocols using network coding in VANETs. In this paper, we develop a theoretical model to compute the achievable throughput of cooperative MCD in VANETs using SLNC. By considering a one-dimensional road topology with an access point (AP) as the content source, the expected achievable throughput for a vehicle at a certain distance from the AP is derived, for both using PLNC and SLNC. Our proposed model is unique since it captures the effects of multiple practical factors, including vehicle distribution and mobility pattern, channel fading and packet collisions. Through numerical results, we provide insights on optimized design choices for network coding-based cooperative MCD systems in VANETs.