Brazil’s automakers’ association said that they forecast auto sales to rebound to a pre-pandemic level by 2025, erasing possibilities to reach a V-shaped recovery and working on a grim outlook for the industry. The coronavirus pandemic-induced crisis has plummeted automotive production around the world, but Brazil was hit when it already in a weaker stance. The country’s automotive industries had reached its peak in 2012 then crashed in 2016 when the economy facing recession and had not managed the recovery ever since. After the pandemic hit, the possibility to catch up to the 2012 sales level seems further away.
Anfavea, Brazil’s automakers’ association predicted the auto production throughout 2020 fell by 45% in a year-on-year comparison, while exports for the same period fall by 53%. Seeing month-to-month comparison, June production increased by 129% from May but compared year-on-year to June 2019, the production is still lower by 58%. The association said in May their production is at 98,700 units and sales grew to 132,000 units in June, or by 113.6%. Compared to June 2019, the sales are still lower by 41%.
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Published on July 8, 2020 7:30 AM (GMT+8)Last Updated on July 8, 2020 7:30 AM (GMT+8)
