Brazil's auto exports tumbled 21% in July from a month ago, the country's automakers' association said on Tuesday, blaming a monetary crisis in neighboring Argentina for the shortfall and adding that it expects exports to be steady for the year, not higher as it had predicted before last month.Add your comment!
Brazil's industrial output fell 6.9% in June compared to the same month last year, mostly due to a contraction of the automobile industry, reported the official stats office last Friday.
Brazil will extend a tax break for the car and furniture industries until the end of the year to help boost sales depressed by a slowing economy, the government said on Monday. This measure should also help boost President Dilma Rousseff's bid for re-election next October.
Volkswagen said on Thursday it will lay off 900 autoworkers at two Brazilian plants, one of the biggest recent efforts to cut output in the face of sluggish demand for cars in Latin America's largest economy. Brazil is the No. 4 market for Volkswagen after China, Germany and the United States.
Italy’s carmaker Fiat is upping its stake in Brazil, pouring about 7 billion dollars into local investments by 2016, according to a plan its CEO Sergio Marchionne handed President Dilma Rousseff on Monday.
Brazil, the world's fourth largest car market, sold a record 3.8 million vehicles last year, according to industry data released this week. Brazil's National Association of Motor Vehicle Manufacturers (ANFAVEA) reported that sales were up 4.6% on the previous year despite a 1.9% drop in production, the first decline since 2002.