Brazilian vehicle registrations fell
Bloomberg reports that Brazilian vehicle registrations fell for the first time in 2 years in October. Vehicle registrations slipped to 239,200 units in October from 244,500 units a year earlier. Production was little changed at 296,300, while exports declined 16 percent to 66,000.
Credit is the lifeblood of the local auto industry, with approximately 65% of domestic sales financed, but local auto sales are already stumbling as carmakers are forced to restrict financing, possibly marking the end of five years of robust growth. Car sales have already hit a record high this year as a part of the consumer boom in Brazil.
You can read more about the Brazilian consuming boom in the article “Boom times for Brazilian consumers” in International Herald Tribune.