*Brazil’s national association of vehicle manufacturers (Anfavea) has released its latest production and sales figures, showing 166,700 vehicles produced in May, which represents a 25% decrease from April. Monthly sales were also down, with 194,300 units sold, marking a 12% decrease from April. In a press release Anfavea attributed the monthly slumps to the heavy storms and floods which devastated the southern state of Rio Grande do Sul throughout May. Car factories in the state halted production and vehicle sales in the state dropped by 64% from April; Anfavea highlighted that Rio Grande do Sul accounts for around 5% of the domestic market. Regarding vehicle exports, Anfavea expressed concern that demand for Brazilian-made vehicles in other South American markets remained lower than expected, with only 193,800 units exported from January-May this year, down 30% from the same period last year. Vehicle imports to Brazil in the first five months of 2024 saw a yearly increase of 38%, with 160,000 units imported. Anfavea pointed out that hybrid and electric vehicles made in China accounted for 82% of the rise in imports in January-May.
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