LatinNews Daily - 06 April 2022

In brief: Argentina’s automobile industry maintains growth

* Argentina’s association of automobile manufacturers (Adefa) has released new figures which show that 105,058 cars were produced in Argentina in the first quarter of 2022, up 17.7% on the same period in 2021. According to the Adefa report, 53,945 cars were exported in Q1 2022, an increase of 9.3% year-on-year. In March, national car production was up 29.4% on the previous month and 12.9% year-on-year with 48,746 vehicles produced. Exports for the month of March increased 23% in monthly terms and 10% year-on-year, with 24,623 vehicles exported. “The level of industrial activity in March continues in the upward trend that we have observed over the past year,” said Adefa’s president, Martín Galdeano. “However, despite this positive trend in demand for locally produced models, we are aware of the evolution of some issues that pose a major challenge for the industry.” Galdeano cited issues such as the global semiconductor supply shortage and changes in foreign payment conditions recently introduced by Argentina’s central bank (BCRA), which he said could affect growth projections.

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