Brazil auto sales to dive 40pc in 2020, trade group says
- The forecast was broadly in line with results so far. Auto sales fell 38pc in the first five months of the year. Brazil's auto industry had hoped 2020 would be a marquee year with solid growth.
SAO PAULO: Brazil's automakers association on Friday projected auto sales in 2020, will plunge 40pc from a year ago to 1.675 million units, its first official forecast of the impact of the novel coronavirus on South America's top car producer.
The forecast was broadly in line with results so far. Auto sales fell 38pc in the first five months of the year. Brazil's auto industry had hoped 2020 would be a marquee year with solid growth.
But the coronavirus crisis squelched those hopes, along with much of the global economy.
Auto production fell 49pc through May, although Anfavea, as the automakers association is known, did not release a full-year forecast for output.
For just the month of May, production fell 84pc from a year ago to 43,100 units. Sales totaled 62,200 units, 75pc lower than a year ago.
Exports fell 91pc compared to 2019.
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