Brazilian Vehicle Production Soars To A Four-Year High In July

(MENAFN- The Rio Times) In July, Brazil's vehicle production surged remarkably, marking the highest output since October 2019.

This significant increase from June was reported by the National Association of Motor Vehicle Manufacturers (Anfavea) .

Throughout 2024, Brazil's cumulative vehicle production showed a significant increase over the same period last year.

The growth started in April, driven by a robust domestic market, and peaked in July. July's production exceeded last year's.

ast year had seen significant boosts from a federal government incentive program offering discounts on new car purchases.



Márcio de Lima Leite, Anfavea's president, highlighted the significance of this year's performance. Sales improvements occurred across all vehicle segments and sales modalities in July.

Financed purchases notably increased, and domestically produced models outpaced imported ones in sales growth.

However, Anfavea emphasized the need for careful attention to trade metrics, particularly imports and exports.

Vehicle imports constituted a notable portion of total sales in the first seven months of the year.

Meanwhile, exports in July, the best month of the year, were still down compared to the same period in 2023.

This discrepancy resulted from focused shipments and delivery of vehicles pending auto parts from Rio Grande do Sul.

This data underscores the resilience and growing strength of Brazil's automotive sector , highlighting its significant role in the country's economic recovery and the global automotive market.

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