New car sales down 25,66% in November 2008
It's difficult times for the Brazilian car industry. As we wrote for some weeks ago the sales result for October were not impressive. November sales figures are now ready and these are not overwhelming for the Brazilian car industry.
The sales of new cars fell 25,66% since October 2008 but increased 24,97% compared to the same month last year. All together 177 827 new cars were sold in November. During the 11 first months of 2008 the total car sales dropped 18,3% in Brazil.
General Motors though are positive about the outlooks for the Brazilian car industry. They have plans to invest $1 billion in Brazil to avoid the kind of problems the U.S. automaker is facing in its home market, affirmed the beleaguered car maker.
According to the president of GM Brazil-Mercosur, Jaime Ardila, the funding will come from the package of financial aid that the manufacturer will receive from the U.S. government and will be used to "complete the renovation of the line of products up to 2012."
Americans are starting to wonder about how and why "US government funds Brazilian GM plants".