Brazil’s Carmakers Foresee 10% Growth in 2018

New-car production in Brazil will climb 10% to 3 million units next year, predicts trade group ANFAVEA.

The association forecasts that domestic sales will accelerate from 7% growth this year to double-digit expansion in 2018. The rebound follows a three-year contraction that slashed sales 40%.

The upbeat outlook comes as Daimler AG says it will spend 2.4 billion reais ($750 million) between 2018 and 2022 to upgrade factories in Brazil that make truck and bus chassis. General Motors Co. also hints it will soon announce new investments in the country.