LatinNews Daily - 09 October 2023

* Brazil’s national association of vehicle manufacturers (Anfavea) has released the latest figures for vehicle production, registering 209,000 vehicles produced in September and an average of 10,400 units per day. This total production figure marks a decrease from the 227,000 vehicles produced in August. Anfavea has also revised its annual forecast for vehicle production, expecting Brazil to close the year with 2.7m vehicles produced. This projected figure would mark a 0.1% increase from the total production figure of 2022. But this latest forecast is lower than the forecast from January, when Anfavea projected an annual increase of 2.2%. The association attributes the lower annual production forecast to export challenges. In its press release, Anfavea highlighted the economic crisis in Argentina, which used to be the top export market for Brazilian vehicles, as well as a drop in demand in other markets such as Chile and Colombia. In the first nine months of 2023, vehicle exports decreased by 11.2% compared to the same period in 2022.