RIO DE JANEIRO, BRAZIL - In April, vehicle production virtually stopped nationwide due to the high risk of infection among workers, and in the ensuing months the results were not sufficient to offset such losses. With a still uncertain macroeconomic scenario and the Brazilian real depreciated, prices climbed and buyers retreated.
Nevertheless, the year 2020 should close with approximately two million new vehicles sold. The figure represents a 30% drop compared to 2019 and far from the historical 2012 mark, when 3.8 million cars were sold - due to more competitive prices and government incentives, which reduced the IPI (Tax on . . .