Brazilian vehicle sales in the first half of February exceeded expectations on the back of tax changes, according to Brazil’s National Federation of Automotive Vehicle Distributors (Fenabrave).
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Some 114,167 new vehicles ‘tag registrations’ occurred were sold in the first fifteen days – a volume that is 16% ahead of the first fifteen days of January and described as the best results for tag registrations since 2002.
Brazilian media said the upturn reflected the government’s reduction of the Industrialized Products Tax (IPI).
According to Fenabrave car sales totalled 88,507 units during the first half of February, a volume 11% greater than the same period in January.
The lead was held by Volkswagen, which had a 27.35% market share, followed by Fiat, with 24.21%. General Motors finished the period with a 17.64% market share, and Ford had 11.17% of the market.
Sales of new cars and pickup trucks rose 1.5% to 197,454 units in January thanks to a temporary tax break that gave automakers the room to slash sticker prices on new vehicles by as much as 7.4%.
