- Title: Strong car sales lift spirits at Brazil auto show
- Date: 7th November 2018
- Summary: VOLKSWAGEN GOLF ENGINE
- Embargoed: 21st November 2018 19:02
- Keywords: Brazil autos show sales
- Location: SAO PAULO, BRAZIL
- City: SAO PAULO, BRAZIL
- Country: Brazil
- Topics: Economic Events
- Reuters ID: LVA00495ID2KJ
- Aspect Ratio: 16:9
- Story Text: Automakers in Brazil last month notched their strongest sales in nearly four years, a leading trade group said on Wednesday, adding to optimism as the auto industry kicked off the biannual Sao Paulo International Motor Show on Tuesday (November 06).
Sales of new cars, trucks and buses surged 25.6 percent in October compared with a year earlier to nearly 255,000 vehicles, according to automakers association Anfavea. That was the most since December 2014.
Brazil was one of the world's five biggest auto markets until a downturn this decade. It remains a major base of operations for Fiat Chrysler Automobiles NV, Volkswagen AG, General Motors Co and Ford Motor Co.
Anfavea forecast a solid recovery to continue with double-digit sales growth next year, when Brazil's president-elect, Jair Bolsonaro, has pledged economic reforms to narrow the government's fiscal deficit and bolster employment.
Brazilian auto exports, however, are likely to fall this year by more than originally forecast, according to Anfavea, due to economic difficulty in neighboring Argentina.
The group had cut its forecast from a stable outlook to an 8.6 percent drop earlier this month, and Megale said a declining situation in Argentina meant the final result would likely be worse.
Exports to Argentina, the largest buyer of Brazilian cars, fell by almost 2 percent in October compared with September. Year over year, exports to Argentina were down 37.3 percent. - Copyright Holder: REUTERS
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