Production, sales and exports of vehicles dip in Brazil, warn automakers

Brazil’s auto industry output declined in September compared to August and remained virtually at the same level as a year ago amid a weakened domestic market and a drop in exports, according to data released on Friday (10/06) by the automaker association, Anfavea.

Automakers in Brazil produced 8% fewer vehicles in September compared to a month ago, totaling 208,900 units. On an annual basis, the volume assembled was 0.5% higher, with a year-to-date decrease of 0.3%, totaling 1.75 million cars, light commercial vehicles, trucks, and buses by the end of last month.

Meanwhile, sales reached 197,700 new vehicles, a 4.8% decrease compared to August, which had three more business days for licensing than the past month. Compared to September 2022, registrations increased by 1.9%, bringing the year’s total to 1.63 million units, 8.5% higher than the volume from a year earlier.

Exports of vehicles in Brazil assembled in September fell 3.9% annually, totaling 27,400 units. For the first nine months of 2023, external sales show an 11.2% decrease to 322,900 units.

In the meantime, imports of vehicles have surged by 23.7% year-to-date, totaling 29,970 units, driven primarily by hybrid and electric cars, which currently benefit from reduced or zero Import Tax compared to combustion vehicles.

In September, sales of electric and hybrid vehicles, mostly imported, reached 8,460 units, according to Anfavea data, which has advocated for the return of a 35% Import Tax for this segment. In September 2022, registrations of these models reached 6,388 units, a 32.4% decrease from the previous month.

Source: Investing

To read the original news piece, visit: https://br.investing.com/news/stock-market-news/producao-venda-e-exportacao-de-veiculos-caem-em-setembro-ante-agosto-1163361

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