LatinNews Daily - 07 January 2022

In brief: Brazil’s car industry takes a hit

* Brazil’s national federation of automobile dealers (Fenabrave) has released its latest figures for the year 2021, which show that although overall vehicle sales grew 10.5% compared with 2020, the sale of cars specifically shrank by 3.56%. The industry has continued to suffer from the ongoing impact of the coronavirus (Covid-19) pandemic as well as a global shortage of semiconductors. “The year 2021 was complex, for various reasons. We were still living a global crisis, of supply of materials and components in the industry, and new challenges emerged for the sector, such as the constant increase in interest rates, which have been impacting financing,” Fenabrave president José Maurício Andreta Júnior said in a statement. Fenabrave expects the industry to expand slowly in 2022; it currently projects 5.2% growth in overall sales over the coming years, and a 2.9% increase in car sales specifically.

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