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Trade Group: No Sales Recovery in Brazil Until Next Summer
Brazil's collapsing car market is not likely to recover until next June, predicts the president of auto industry association ANFAVEA.
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Brazil's collapsing car market is not likely to recover until next June, predicts the president of auto industry association ANFAVEA.
The group reports sales in the country in January-July totaled 1.55 million, down 21% from the same seven-month period in 2014. Last month's volume plunged 23% to 117,600 units, the worst July result since 2006.
Carmakers had hoped for a sales turnaround in Brazil by the end of 2015. But ANFAVEA President Luiz Moan tells reporters the revival has been slowed by sour consumer and investor confidence caused by increases in inflation, interest rates and unemployment.
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