Mexican Media Brands
Mahindra Exits Brazilian Pickup Truck, SUV Market
Mahindra & Mahindra Ltd. tells Reuters it has pulled out of Brazil's pickup truck and SUV market because of a slumping economy, depreciating local currency and new tax rules that penalize imports.
#economics
Share
Mahindra & Mahindra Ltd. tells Reuters it has pulled out of Brazil's pickup truck and SUV market because of a slumping economy, depreciating local currency and new tax rules that penalize imports.
"Where we don't see mid- to long-term prospects, there is no point," says Pravin Shah, who heads Mahindra's automotive and international operations. The company will continue to market farm tractors in the country.
Mahindra has been selling its four-door Pik-up Cabine trucks and Scorpio and XUV500 SUVs through a local partner for seven years. But Shah tells Reuters the pace as slowed to about 250 units per month.
Another sales deterrent is the popularity of ethanol-fueled vehicles in Brazil. All Mahindra models sold there are diesel powered.
RELATED CONTENT
-
Inside Ford
On this edition of “Autoline After Hours” Joann Muller, Detroit bureau chief for Forbes, provides insights into what she’s learned about Ford, insights that are amplified on the show by our other panelists, Stephanie Brinley, principal analyst at IHS Markit who specializes in the auto industry, and Todd Lassa, Detroit Bureau Chief for Automobile.
-
Porsche Doubles EV Target for 2025
Porsche AG says about half the vehicles it sells by 2025 will be equipped with hybrid or all-electric powertrains, twice the ratio it forecast four weeks ago.
-
Tariffs on Autos: “No One Wins”
While talk of tariffs may make the president sound tough and which gives the talking heads on cable something to talk about, the impact of the potential 25 percent tariffs on vehicles imported to the U.S. could have some fairly significant consequences.