Brazil's car market will grow between 2% and 4% next year and Ford will grow at the same pace, chief executive Steven Armstrong said at a media event in Sao Paulo.

Ford has 10% of the Brazilian market and Armstrong said growth next year would depend on both the strength of the economy and whether the government continued with vehicle tax breaks. Incentives were introduced in May to boost locally-made vehicles. The auto industry accounts for around 20% of Brazil’s manufacturing output.

Ford has two assembly plants on Brazil building the Fiesta and EcoSport, the Ka and Courier light commercial. It also has an engine and transmission plant.