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BRAZIL'S RECORD CAR SALES SET TO CONTINUE

Aruba, January 11, 2012 - Brazil’s automobile industry has beaten its own sales record for the fifth year running, bettering sales figures for the previous year, and making it the fifth biggest car seller in the world, market sources have revealed. Although lower than expected, the figures are particularly good in light of the implications of ongoing financial troubles in Europe and the U.S., and a painful tax hike on imported vehicles.

Some 3.63 million vehicles, including cars, vans, trucks and buses were sold, according to figures released by Fenabrave, Brazil’s National Vehicle Distribution Federation, 3.6 percent up on the 2010 total.

The 2011 figure includes over 3.4 million car and light vehicles sold, up nearly 2.9 percent on the previous year. However, the results were lower than some had expected, and December’s car and light vehicle sales were actually down 8.9 percent year-on-year.
Blame is being leveled partly at the introduction of a Brazil’s stinging tax increase on imported vehicles, which came into effect in the middle of the month.The tax represents a thirty percent increase in the IPI (tax on industrialized products) and is set to run until the end of 2012.

Read more/ Source: http://riotimesonline.com/brazil-news/rio-business/brazils-record-car-sales-set-to-continue/

 

By orbitalnets.com