Brazil’s biggest car makers will sell 14% more vehicles in 2008, but the Brazilian Motor Vehicle Manufacturers Association, ANFAVEA, lowered its sales expectations for the year.
The trade association now expects around 2.82m vehicle sales in 2008 compared to earlier expectations of 3.06m.
Looking on the bright side, ANFAVEA president, Jackson Schneider, said despite sales slowing over the last two months, 2008 promises to be a banner year.
“Even with the sales slump, this will be the best year in the industry’s history because of sales up to September,” he said.
That all changed in October when interest rates went up and the economy slowed.
Automakers are expected to produce 3.24m cars and trucks this year, up 8.8% from 2007 output.
Car production in Brazil plunged 34.4% in November.
According to ANFAVEA, the drop in production brought November’s Brazilian output down to 194,900 units from 296,900 a month earlier.
Car sales in Brazil were down 30% year-on-year in November.