Brazil’s Vehicle Market Shrank 28% in First Quarter

Demand for new cars and trucks in Brazil plummeted to 481,300 units in the first quarter of 2016 from 674,300 in the same period last year, according to industry group ANFAVEA.

Passenger vehicle sales in January-March plunged 27% to 400,200 units year on year. ANFAVEA blames the slump on consumer uncertainty about the country’s economy and political situation.

The trade group notes that Brazil’s car and truck market dropped to 2.57 million last year from 3.63 million units in 2011. Vehicle production over the same period fell to 482,300 units from 667,600.