Boston, MA -- (ReleaseWire) -- 06/03/2014 -- Total vehicle sales declined 0.9% in 2013, chiefly on the back of weakness in the country's passenger car market. Sales in this segment spiked in Q312 on the back of the introduction of government tax incentives, creating high base effects for 2013 and dragging down the year-to-date growth rate. Furthermore, the broader slowdown in consumer spending in Brazil impacted the passenger car segment, and we did not see a pick-up in the growth rate in Q4, despite lower base effects.
BMI forecasts a 1.7% drop in vehicle sales in 2014, as we expect the passenger car and commercial vehicle segments to remain weak over the coming year.
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BMI has become increasingly bearish on the country's domestic sales and export outlook, and believe this will weigh on output in 2014. Indeed, we forecast a 3.3% drop in total vehicle output over the coming year, a reversal from the 9.9% output growth seen in 2013.
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