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Brazil auto output jumps nearly 30 pct in February, sales flat


Reuters


SAO PAULO, March 11 (Reuters) - Automobile production in Brazil rose 29.9 percent in February from January, while sales slipped 0.6 percent, the national automakers' association said on Monday.

Automakers in Brazil produced around 257,200 new cars and trucks last month, while sales totaled about 198,600 vehicles, according to industry group Anfavea.

Compared with a year ago, auto output rose 20.5 percent and sales grew by 26.6 percent.

Exports, which have been falling due to the economic crisis in neighboring Argentina, slumped 38.9 percent compared to last year, but rose 61.8 percent compared to January.

Antonio Megale, Anfavea's president, said that a tax incentive plan announced on Friday by the state of Sao Paulo in response to Ford's announcement was positive for the industry, although he cautioned that its potentially positive impact would not come in the short term.

"Anything that will reduce taxes is positive," he told reporters.

Brazil was one of the world's five biggest auto markets until a recent downturn and remains a major base of operations for Fiat Chrysler Automobiles NV, Volkswagen AG, General Motors Co and Ford Motor Co.






This article appears in: World Markets , Stocks , Economy
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