According to a report issued by Brazilian auto dealer association Fenabrave, in October this year new motor vehicle registrations in the country increased 18.2 percent compared to September. Brazilian new motor vehicle registrations in September were up 12 percent year on year, totaling 496,580 units. In the first 10 months of the year, Brazilian new motor vehicle registrations decreased slightly by 0.6 percent year on year to 4,681,396 units.
According to the president of Fenabrave, Flavio Meneghetti, the good performance of the sector in October was due to the easing of credit conditions for consumers and the maintaining of the reduction of the tax on industrialized products (IPI), which has been extended until December 31.
In October this year, Brazilian new car registrations rose 16.9 percent month on month and were up 22.8 percent compared to October 2011 amounting to 249,820 units, while new light vehicle registrations in October amounted to 77,097 units, increasing 20.65 percent compared to the previous month and up 27.6 percent year on year. In the January-October period of this year, total new registrations in the car and light vehicle segment increased by 7.3 percent on year-on-year basis to 2,993,696 units.