LatinNews Daily - 10 July 2023

In brief: Rise in vehicle production in Brazil

* Brazil’s national association of vehicle manufacturers (Anfavea) has reported 1.13bn vehicles were produced in the first six months of 2023, marking a 3.7% increase compared to the first half of 2022. A monthly drop in production was registered from May to June, with 189,200 units manufactured, down from the 227,900 in May. But Anfavea’s statement did not express concern about the monthly decrease, partially attributing the lower production rate to factories closing for the several public holidays throughout June, adding that the month of June was good time for factories to clear their stocks. Anfavea’s president Márcio de Lima Leite also praised the tax incentives announced by the government in May, stating that the tax breaks were “an excellent short-term measure to stimulate the market”.

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