New vehicle sales grew 35.5% year-on-year in March in Brazil

New vehicle sales in Brazil, Latin America’s leading economy, increased by 35.5 percent last March, concerning the same month of the previous year, the National Federation of Automotive Vehicle Distribution (Fenabrave) reported yesterday, Tuesday.

According to the report, 198,909 new units were sold in the third month of the year, including cars, light commercial vehicles, trucks, and buses, compared to 146,774 units sold in the same month of 2022.

Fenabrave detailed that sales of new vehicles grew 53.12 percent in March of this year compared to February.

In the year’s first quarter, the indicator advanced 16.3 percent year-on-year, with a little more than 471,600 units sold.

The president of Fenabrave, José Mauricio Andreta Junior, detailed in a press conference when presenting the report that the advance in the first three months of the year was moderate.

“Despite this increase, we did not observe the sector’s recovery to the levels obtained until 2019, before the pandemic,” said Andreta Junior, explaining that the increase had to do with the low results observed last year.

“We are facing a challenging scenario in Brazil due to the increase in delinquency in families and the increase in interest rates, which makes credit more expensive”, evaluated the president of Fenabrave.