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Carmakers Expect Slow Recovery in Brazil
Carmakers in Brazil expect months of adjustments to government economic policy will dull demand for new cars in the market until the second half of next year, Bloomberg News reports from the Sao Paulo auto show.
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Carmakers in Brazil expect months of adjustments to government economic policy will dull demand for new cars in the market until the second half of next year, Bloomberg News reports from the Sao Paulo auto show.
Ford, General Motors and Hyundai tell the news service the Brazilian car market is likely to total about 3.4 million units this year and remain unchanged in 2015. Fiat anticipates a recovery beginning midyear.
Auto production contributes about 5% of Brazil's gross domestic product, according to ANFAVEA.
The trade group urges President Dilma Rousseff to continue the country's reduced tax on industrial goods, a program that has helped bolster car sales. But analysts tell Bloomberg the country may not be able to afford the discount much longer because of budgetary pressures.
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