Friday, 25 January 2013

Venezuela Autos Report Q1 2013

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Venezuela Autos Report Q1 2013
Jan 25th 2013, 00:00

Vehicle sales in Venezuela increased 11.2% year-on-year (y-o-y) in the first nine months of 2012. However, sales declined 12.7% y-o-y in September, a considerable slowdown from the 28.9% y-o-y rise in the first four months of 2012. BMI has long maintained sales would drop back in line with our 10.8% growth forecast for 2012, and this view is continuing to play out. BMI believes the relatively buoyant vehicle sales in the first part of the year were down to the credit-fuelled consumption increase, combined with favourable low base effects. The unwinding of this, combined with the expected devaluation of the bolívar, will serve to bring vehicle sales down in line with our forecast this year.<...

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