Brazil’s auto industry posted another deep year-on-year decline in motor vehicle production and sales in January, the National Motor Vehicle Manufacturers Association said Thursday. January production of 145,100 vehicles represented a 29.3% decline against January of 2015. Monthly sales of 155,300 were down 38.8% from the first month of 2015. The association blamed a combination of stiff taxes and high interest rates for the continued decline in sales. On a month-over-month basis, January sales were down 31.8% from December. According to the association, 43% of the sticker price of a new motor vehicle in Brazil refers to taxes. The association said the industry’s workforce has declined by 10% since January last year.
Link to Anfavea release