Brazil automakers association lowers 2024 production, export estimates

Brazilian automakers association Anfavea on Thursday lowered its projections for vehicle production and exports in 2024, although total sales are now expected to rise more than previously expected.

Total vehicle output is expected to grow by 4.9% this year from 2023, down from the 6.2% that Anfavea previously estimated. Exports are forecast to drop 20.8% year-on-year, compared with the 0.7% rise that Anfavea previously expected.

Total vehicle sales, however, are forecast to rise 10.9% in 2024, up from the previous forecast of 6.1%.

According to the automakers association, which mainly represents Brazil units of foreign automakers, vehicle production in Brazil rose 26.6% in June from May, while vehicle sales in Latin America’s largest economy were up 10.3% month-on-month.

Anfavea president Marcio Lima said on Thursday that the association is worried about a rise in Brazilian imports of foreign vehicles, especially from China, and reinforced lobby calls for higher taxes on car imports.

Source: XM

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