Brazilian vehicle output rises, driven by exports
In August, Brazilian vehicle production rose by 5% from July, driven by surging auto exports, according to the National Association of Vehicle Manufacturers (Anfavea). Auto giants like Fiat, General Motors Corp and Volkswagen produced 198'100 automobiles, trucks and buses in the mentioned period, up by 47% compared to the same period of last year. Anfavea President pointed out that the increase in production was affected positively by exports, which grew by 6.5% in August to $773 million. Auto exports were made largely to countries such as Argentina, Mexico and the US. Vehicle production is expected to reach 2.1 million units in 2004 on the back of rising exports. This figure represents an increase of 36% against 2003.