Brazil's automotive market shows signs of recovery as economy bottoms out
2017 vehicle sales expected to grow to 2.13 million units, up 4% from previous year
Brazil's economy is showing signs of bottoming out amid marked positive real GDP growth in the first quarter of 2017, for the first time in nine quarters over the two-year recession period. While political uncertainty, including President Temer's corruption scandal, remains, the country's economy is gradually recovering. Brazil's automotive market showed indications of revival as new vehicle sales rose 3.4% year-over-year (y/y) for the period from January to July 2017, after sales had declined for four consecutive years. The Brazil National Association of Motor Vehicle Manufacturers (ANFAVEA) forecast in July 2017 that the total sales for 2017 are expected to increase by 4.0% y/y to 2.13 million units.
Although OEMs had been cutting production and personnel at their manufacturing facilities in Brazil during the economic downturn, they started increasing production and investment again from the beginning of 2017. According to ANFAVEA's forecast released in July 2017, production for the full year is expected to grow by 21.5% y/y to 2.61 million units, of which exports is projected to account for 710,000 units, up 35.6% y/y.
When looking at the light vehicle market share in Brazil for the January-July period of 2017, GM, FCA, and VW maintained their leading status. However, FCA and VW have lost significant shares compared to 2012 when their overall sales peaked, while shares for Hyundai, Toyota, and Honda have increased. In terms of passenger car sales rankings, subcompact models such as GM's Chevrolet Onix, Hyundai's HB20, and Ford's Ka took highest honors. Among the small SUVs, of which sales are quickly growing, Honda's HR-V, FCA's Jeep Renegade, and Hyundai's Creta respectively occupied the top three positions.
In April 2017, the government of Brazil revealed its new automotive policy titled Rota 2030 which is slated to be introduced in 2018. It will establish a long-term vision covering a period of 15 years and include clear rules for the security of investments to enhance the competitiveness of the domestic industry.
Regarding the expansion of production facilities, JLR has started operations at its first plant (annual capacity: 24,000 units) in Latin America as of June 2016. Toyota opened its first engine plant (annual capacity: 108,000 units) in the region in May of the same year. In addition, VW plans to invest BRL 2.6 billion to introduce a new assembly line for small models adopting the modular strategy MQB, GM will spend BRL 4.5 billion on three of its plants to build new models, and Renault will invest BRL 750 million to expand its engine production facilities.
Sales for January-July 2017 grow to 1.2 million units, up 3.4% year-over-year
With the backdrop of falling vehicle sales in Brazil over the four consecutive years since 2012, sales plummeted by 20.2% y/y to 2.05 million units in 2016. In particular during and after 2014, sales plunged significantly due to Brazil's recession. From the beginning of 2017, sales started to climb thanks to the general economic recovery and increased by 3.4% y/y to 1.2 million units for the January-July period of 2017.
In 2016, sales of domestically built vehicles decreased by 17.4% y/y to 1.78 million units and sales of imported vehicles fell to 270,078 units, down 34.8% y/y. The ratio of imports to total sales declined from 23.6% in 2011 to 11.0% for the January-July period of 2017. Sales of imports are diminishing due to the tax increase on imported vehicles since 2011 and government measures such as the INOVAR-AUTO automotive policy that was introduced in 2013 to promote domestic production.
Vehicle production in 2016 decreased by 11.2% y/y to 2.16 million units, of which exports accounted for 520,286 units, up 24.8% y/y. While production declined due to stagnant domestic demand, exports increased owing in part to the weak Brazilian real since mid-2015 and a resurgence in exports to Argentina. Production for the January-July period of 2017 grew by 22.4% y/y to 1.49 million units, of which exports amounted to 439,586 units, up 55.3% y/y.
Brazilian vehicle production, exports and sales
|Source: Brazil National Association of Motor Vehicle Manufacturers (ANFAVEA)
(Note) 1. Vehicle sales represent the number of vehicle registrations.
2. 2017 outlook reflects ANFAVEA's forecasts released in July 2017. Production outlook was adjusted upward from 2.41 million units (up 11.9% y/y) in January to 2.62 million units (up 21.5% y/y) in July. Exports outlook was also adjusted upward from 558,000 units (up 7.2% y/y) in January to 705,000 units (up 35.6% y/y) in July.
3. Sales outlook revealed in January 2017 was maintained in July update at 2.13 million units (up 4.0% y/y).
Light vehicle market: GM, FCA, and VW continue to lead despite eroded share
Light vehicle (passenger cars and light commercial vehicles) sales in Brazil increased by 3.9% y/y to 1.17 million units for the January-July period of 2017. GM held the largest market share at 17.9%, followed by FCA and VW with 17.7% and 12.4% respectively. FCA and VW have dropped significantly compared to 2012 when their sales peaked, while GM has maintained its share. Hyundai, Toyota, and Honda have increased their share by launching compact models designed for emerging markets along with SUVs adapted to Brazilian consumer tastes.
Subcompact models dominant in Brazil; SUV sales grow
Looking at the ranking of the best-selling passenger car models in the January-July period of 2017, the top three models are GM's Chevrolet Onix, Hyundai's HB20, and Ford's Ka respectively. Following these are Renault's Sandero and VW's Gol. All of these models are subcompact hatchbacks or sedans and form the backbone of Brazil's automotive market.
Ranking of best-selling passenger car models (Jan.-Jul. 2017)
(Data: Fenabrave, Photo: OEMs)
|No.1: GM Chevrolet Onix||No.2: Hyundai HB20||No.3: Ford Ka|
|98,473 units||77,733 units||66,589 units|
Recently, sales of SUVs are expanding and reached 18.0% of total light vehicle sales for the January-July period of 2017. Models that can be used for both urban and off-road driving are most appealing for young consumers. Among the most popular subcompact SUVs, Honda's HR-V ranked first, followed by FCA's Jeep Renegade and Hyundai's Creta. A number of other models including Ford's EcoSport, Renault's Duster, and Nissan's Kicks are competing in this segment.
Ranking of best-selling subcompact SUVs (Jan.-Jul. 2017)
|No.1: Honda HR-V||No.2: Jeep Renegade||No.3: Hyundai Creta|
|26,730 units||20,971 units||20,492 units|
Government announces new Rota 2030 policy and renews automotive pacts
In April 2017, the government of Brazil revealed its new automotive policy titled Rota 2030 that will be introduced in January 2018. The current policy has been criticized by overseas OEMs as not providing a secure environment for investments due to sudden regulation changes including those to tax rates. Rota 2030 outlines a long-term vision covering 15 years and makes explicit rules that would add security to investments to enhance the competitiveness of the domestic industry.
Meanwhile, the government of Brazil has extended or renewed automotive pacts with the governments of Argentina, Colombia, and Uruguay between 2015 and 2017. The agreement known as the "flex system" used for determining trade ratios with Argentina was extended, and the quota system for limiting non-tariff exports was maintained with Colombia. The Brazilian government intends to expand non-tariff exports gradually with both countries. In addition, the governments of Brazil and Uruguay agreed on the removal of tariffs on all automotive items.
Government announces new Rota 2030 automotive policy (April 18, 2017)
|Outline||Rota 2030 contains a long-term vision covering a period of 15 years (three cycles of vehicle development) starting in 2018. While the current INOVAR-AUTO policy that terminates on December 31, 2017 had a domestic focus, Rota 2030 aims for an offensive approach to the global marketplace. The new policy will establish a long-term vision with clear and predictable rules to add security to investments and to enhance the competitiveness of the domestic industry.|
Six high-level working groups will be set up in the following areas to discuss and devise strategy.
|(Note) 1. Details expected to be disclosed after September 2017.
2. Japan and the EU filed complaints with the WTO that Brazil's INOVAR-AUTO policy tax incentives infringe certain provisions of WTO agreements. These measures included tax breaks for domestically built vehicles that reduce the IPI tax rate from 43% to as low as 13%. WTO admitted that these measures are against free trade rules in 2016. Thus, a launch of new automotive policy had been anticipated in Brazil.
Automotive pacts with neighboring countries
|Argentina||The governments of Brazil and Argentina agreed on the extension of their bilateral automotive trade pact for four more years in June 2016. This pact is effective from July 1, 2016 to June 30, 2020.|
|This pact maintains the flex system introduced in 2015, which determines the ratio of exports between the two countries to correct automotive trade imbalances. The ratio remains at the rate of 1.50. In other words, if Argentina exports USD 1 million worth of vehicles to Brazil, the pact allows Brazil to export USD 1.50 million worth of vehicles to Argentina without tariffs.|
|If automotive trade develops in a balanced manner between the two countries, they may raise the ratio of exports to 1.70 from July 1, 2019 and start free trade from July 1, 2020, pending agreement between parties.|
|Colombia||In October 2015, the governments of Brazil and Colombia agreed on the conclusion of a new automotive pact covering a period of eight years. This quota pact determines tariff-free export volumes between the two countries. Under the new pact, effective from 2016, the initial tariff-free quota is 12,000 light vehicles (passenger cars and light commercial vehicles), and will increase to 25,000 vehicles in the second year and 50,000 vehicles in the third year.|
|The new pact also specifies the minimum local content amount for tariff-free vehicles. Among the 12,000 vehicles exported from Brazil in the first year, 9,000 vehicles are required to use 50% locally purchased parts and the remaining 3,000 vehicles must use 35% local parts. Meanwhile, of the 12,000 vehicles exported from Colombia, 9,000 vehicles are obliged to use 35% local parts and the remaining 3,000 vehicles need to use 50% local parts.|
|In July 2017, the government of Colombia signed the Colombia-Mercosur Economic Complementary Agreement (ACE) and approved the content of a memorandum signed in October 2015. Under the agreement, the tariff rate on Colombian-built vehicles exported to Brazil is set at 15.75% as of August 2017, which is 45% of the rate for a most favored nation (MFN). Furthermore, 50,000 vehicles are permitted to be traded without tariffs annually between the two countries.|
|Uruguay||The governments of Brazil and Uruguay signed a new automotive pact in December 2015, which is to take effect from January 1, 2016. The two countries previously utilized a quota system to limit tariff-free exports. However, the new pact removes tariffs on all automotive items. The minimum local content rate is set at 55% for goods exported from Brazil and 50% for items exported from Uruguay. An exemption clause is provided through which both parties are permitted to request a suspension of the pact should significant trade imbalances emerge between the two countries.|
Expansion of production facilities
Top OEMs: GM, FCA, and VW
GM to invest BRL 4.5 billion, reorganize regional structure, launch Onix Activ
|Investment of BRL 4.5 billion in three plants||In August 2017, GM announced plans to invest a total of BRL 4.5 billion in its three plants in Brazil. This is a part of the plan to contribute BRL 13 billion to operations in the country between 2014 and 2020. In addition to the BRL 1.4 billion investment in the Gravatai plant, GM will spend BRL 1.2 billion on the Sao Caetano do Sul plant and BRL 1.9 billion on the Joinville plant where engines and cylinder heads are manufactured. The purpose of the project is to enhance GM's business through the development of new products, technologies, and innovative manufacturing concepts. It also hopes to create opportunities to develop new suppliers and generate jobs.|
|Reorganization of South American structure||In January 2017, GM disclosed plans to reorganize its regional structure in South America through the creation of three business units. Operations in Brazil and Argentina will be consolidated in a business unit called GM Mercosur. Activities in Colombia, Ecuador, and Venezuela will be integrated as GM Andina. Operations in Bolivia, Chile, Peru, and Uruguay will be combined as GM Central. The three business units remain under the umbrella of GM South America. The automaker aims to increase efficiency and speed up decision-making processes by simplifying its regional structure.|
|Launch of Chevrolet Onix Activ||GM launched the Chevrolet Onix Activ in August 2016. This model marks the entry of Chevrolet into the growing segment of "adventure style" compact hatchbacks. The Onix Activ features a 30 mm higher ground clearance and the ability to overcome rough terrain with larger tires and recalibrated suspension. The model comes with a 1.4-liter engine mated to a six-speed automatic or manual transmission.|
FCA launches Fiat Argo and new Jeep Compass, updates Betim engine plant
|Launch of Fiat Argo||FCA launched the new Fiat Argo compact hatchback in May 2017. As the Punto and Bravo's successor, it is compact outside yet spacious inside, and offers advanced safety features. The Argo comes with a 1.0/1.3-liter Firefly engine or a 1.8-liter E.torQ engine mated to a five-speed manual or six-speed automatic transmission. It is manufactured at the Betim plant.|
|Release of new Jeep Compass||In September 2016, FCA unveiled the new Jeep Compass compact SUV at the Goiana plant in Pernambuco. The company started production and sales of the new Compass first in Brazil, and followed in China and Mexico. The Compass is slated to be sold in more than 100 countries around the world. The Brazilian version comes with a 2.0-liter flex-fuel engine with a six-speed automatic transmission, or a 2.0-liter turbo diesel engine with a nine-speed automatic transmission.|
|Renovation of Betim engine plant||In September 2016, FCA invested BRL 1 billion in the Betim plant in Minas Gerais state to update its engine plant that builds new Firefly engines. The new engines were developed by a global project group that included a Brazilian team, and will be exported to Europe in the future. The first products are 1.0-liter three-cylinder/1.3-liter four-cylinder flex-fuel engines that will be installed in the 2017 Fiat Uno.|
VW invests BRL 2.6 billion in new production line, exports engines to Mexico
|Investment of BRL 2.6 billion to produce new Polo and Virtus||In August 2017, VW announced plans to invest BRL 2.6 billion in their Anchieta plant in Sao Bernardo do Campo, Sao Paulo to modernize its manufacturing facilities. The automaker will introduce a new production line for compact models developed with the MQB modular strategy and build the new Polo compact hatchback and its sedan version, the Virtus. The new Polo is expected to be launched in Q4 2017, while the Virtus will be released in Q1 2018. The investment is a part of the BRL 7 billion investment plan disclosed in November 2016 to renovate VW's plants in Brazil by 2020.|
|Contract to export engines to Mexico||VW announced a new engine export contract in May 2017 to supply EA211 1.4-liter TSI engines from its Sao Carlos engine plant in Sao Paulo state for the Jetta, Golf, and Golf Variant built in Mexico. The automaker will export 250,000 engines to its Puebla plant in Mexico from the latter half of 2017 until 2020. The export project required an investment of BRL 50 million for renewing a process line, which was added to the BRL 460 million investment announced in 2015 for the production of 1.0-liter engine blocks for the Polo and up! built in Europe.|
Other U.S. and European OEMs: Renault, Ford, BMW, Daimler, and JLR
Renault expands engine production facilities, launches Captur, Kwid, and Koleos SUVs
|Improvement of engine production facilities||In August 2017, Renault announced plans to invest BRL 750 million to expand its engine production facilities in Brazil. BRL 350 million will be earmarked for building a new unit (Curitiba Aluminum Injection) in the Curitiba plant, and BRL 400 million will be spent to set up a new machining line for engine blocks and aluminum cylinder heads in Curitiba Motores.|
|Expansion of SUV lineup||Renault's CEO Carlos Ghosn disclosed plans in August 2016 to expand the lineup of SUVs tailored for Brazil. Adding to the currently sold Duster compact SUV, the Captur in B-segment entered the market at the beginning of 2017 and the Kwid in A-segment followed in May of the same year. The Koleos premium compact SUV is expected to be introduced in the future. The Captur and Kwid are produced at the Curitiba plant, while the Koleos will be imported to Brazil.|
Ford launches face-lifted EcoSport and Ka Trail
|Launch of face-lifted EcoSport||Ford launched the facelifted EcoSport in August 2017. Brazil is the first of 140 global markets to begin sales of the SUV. It comes with the recently unveiled flex-fuel TiVCT three-cylinder engine or a 2.0-liter Duratec engine combined with a six-speed automatic transmission. The EcoSport, which has been built in Brazil since 2003, pioneered the segment of compact SUVs.|
|Release of Ka Trail||Ford released the Ka Trail, an urban "adventure style" version of the Ka, in March 2017. With higher ground clearance, the Ka Trail is a model that is more affordable than SUVs and that can be used both in the city and in light off-road activities. Apart from its usual 1.5-liter engine, it is the only model in its class that is available with a 1.0-liter engine. It competes with models like the Chevrolet Onix Activ, Hyundai HB20X, Toyota Etios Cross, and Renault Sandero Stepway.|
BMW exports X1 built at Araquari plant to the U.S.
|Export of X1 to the U.S.||BMW has been exporting the X1 built at the Araquari plant in Santa Catarina state to the U.S. since July 2016. As a result of successful sales of the X1 in the country, exports from Brazil are used to complement the volume produced at the Regensburg plant in Germany. The export project generated 300 new temporary jobs at the Araquari plant. Initial export of 10,000 units of the X1 by April 2017 was the original plan; however 2,000 extra units were added in February. With the additional orders, the Araquari plant will see employment of 166 temporary workers extended until December 2017.|
Daimler begins production of GLA following assembly of C-Class at Iracemapolis plant
|Production of GLA begins||Daimler started production of the Mercedes-Benz GLA compact SUV in September 2016 at its Iracemapolis plant in Sao Paulo state. The plant, which had been built with a BRL 600 million investment, began operations in March 2016. The first cars to roll off the production line at the plant were the C-Class premium sedan, followed by the GLA SUV. The first stage of the plant is designed for an annual production capacity of 20,000 units. The plant's level of automation is significantly lower than in traditional Mercedes-Benz plants, which allows it to offer highly flexible production to satisfy local demand.|
JLR starts production of Evoque and Discovery Sport at new plant
|Start of operations at new Itatiaia plant||JLR started operations at the new plant in Itatiaia, Rio de Janeiro state, in June 2016. With a BRL 750 million investment, the plant initially has an annual production capacity of 24,000 units. This facility is a first for a UK-based automotive company in Latin America. JLR began production of the Range Rover Evoque and Land Rover Discovery Sport at the new plant. Both models went on sale in June 2016.|
Japanese OEMs: Toyota, Honda, and Nissan
Toyota exports Corolla and Etios to neighboring countries, starts operations at first engine plant in Latin America
|Export of Corolla to Chile and Colombia||In July 2017, Toyota announced plans to export Brazilian-made Corollas to Chile and Colombia from September. The markets are currently served by vehicles built in the U.S. The automaker intends to increase its exports from Brazil by 6.4% y/y in 2017.|
|Export of Etios to Costa Rica and Honduras||Toyota disclosed plans in May 2017 to export the Etios compact car built at its Sorocaba plant to Costa Rica and Honduras. The vehicle will be exported in the sedan configuration with a 1.5-liter gasoline engine. Costa Rica will receive the model equipped with a manual transmission, and Honduras the version with an automatic transmission. The Brazilian-made Etios is already exported to Argentina, Paraguay, Peru, and Uruguay.|
|Start of operations at first engine plant in Latin America||In May 2016, Toyota opened its first engine plant in Latin America. The automaker invested BRL 580 million to build the plant in Porto Feliz, Sao Paulo state. With an annual production capacity of 108,000 units, the plant builds 1.3 and 1.5-liter flex-fuel engines designed for the Etios. The engine plant is located midway between the Sorocaba and Indaiatuba vehicle assembly plants in the same state.|
|The automaker announced plans in November 2016 to enhance the engine plant to build engines for the Corolla. Its annual production capacity will be raised from 108,000 to 174,000 units with a BRL 600 million investment. The plant will start production of the Corolla engines in the latter half of 2019.|
Honda launches WR-V compact SUV developed in Brazil
|Launch of WR-V||Honda launched the WR-V compact SUV in March 2017. It is the fifth model produced at its Sumare plant in Sao Paulo state. The vehicle was developed by the research and development team of Honda Brazil based on research into the demands of local consumers. It is the first model developed with fully Brazilian technologies.|
Nissan starts sales and production of Kicks, exports March and Versa to neighboring countries
|Start of sales and production of Kicks||In August 2016, Nissan started sales of the Kicks, a new compact SUV, in Brazil. The SUV comes with a 1.6-liter HR16DE gasoline engine mated to a CVT. Initially, the automaker imported the Mexican-made Kicks, but it began production of the SUV at its Resende plant in Brazil in April 2017. With a BRL 750 million investment, the plant saw introduction of new facilities and training of its workers. The automaker plans to start export of the Kicks to other Latin American countries within 2017.|
|Export program to Latin American countries||In 2016, Nissan launched the export program of the March and Versa produced at the Resende plant to Latin American countries. In March, the company began exporting the models to Paraguay. Then, between July and August, export to Bolivia, Chile, Peru, Uruguay, and Argentina followed.|
Chinese OEMs: JAC Motors and Chery
JAC Motors launches Brazil version of T40 SUV
|Launch of T40||JAC Motors announced the launch of the T40 SUV in Brazil in August 2017. The SUV was designed by JAC's design center in Italy for Brazilian consumers. The automaker began production and sales of the model as the JAC S2 in China in the summer of 2015. The Brazil version of the T40 comes with a 1.5-liter 16V JetFlex VVT engine combined with a manual transmission.|
Chery starts production of Tiggo 2 and new QQ
|Line-off ceremony for Tiggo 2||In May 2017, Chery held the line-off ceremony for the Tiggo 2 compact SUV at its plant in Brazil. After launching the SUV in the country, the automaker plans to introduce it into global markets. Sales of the model started in Peru, Chile, Iran, and Russia in 2017.|
|Start of production of new QQ||Chery announced the beginning of sales of the new QQ subcompact car built in Brazil in October 2016. It is the second model that is produced at its Jacarei plant in Sao Paulo state. The automaker had started sales of the new QQ imported from China about a year ago.|
Sales Forecast by LMC Automotive: Brazilian sales to grow to 2.38 million units in 2020
(LMC Automotive, Q2 2017)
In light of the recent political scandal involving President Temer directly, LMC Automotive made a downward revision to the short-term sales forecast, which is now seen at 2.03 million units for 2017, up 2.4% on 2016, as well as making adjustments through the long term. Sales are now projected to stagnate for a longer period and are not expected to recover to 3 million units over the seven-year forecast.
The prospects for long-term growth in Brazil are heavily reliant upon the pace of the planned structural reforms. If successfully implemented, these reforms should support economic growth and the steady expansion of the middle class, thus driving new vehicle sales. In spite of this uncertainty, however, LMC Automotive envisages stable market growth in the 2018-2020 timeframe, at an annual average of 5.5%. Brazilian sales are expected to grow to 2.38 million units in 2020.
Brazilian light vehicle sales forecast by make
|SALES GROUP||GLOBAL MAKE||2014||2015||2016||2017||2018||2019||2020|
|Fiat Chrysler Automobiles||Fiat||694,556||437,725||304,326||276,113||294,856||305,351||328,404|
|Fiat Chrysler Automobiles sub-total||705,525||483,158||365,288||360,353||381,155||393,982||423,513|
|General Motors Group||Chevrolet||578,796||387,985||345,864||345,487||353,013||366,637||415,085|
|General Motors Group sub-total||578,859||387,998||345,880||345,520||353,049||366,673||415,121|
|Renault-Nissan Group sub-total||368,762||283,802||235,794||268,525||279,230||291,479||319,121|
|Volkswagen Group sub-total||590,118||377,771||240,978||257,705||268,886||269,670||296,005|
|Hyundai Group sub-total||260,383||220,597||208,281||211,477||215,810||215,354||227,790|
|Ford Group sub-total||310,132||257,145||182,809||180,376||183,408||191,170||206,791|
|Toyota Group sub-total||195,711||176,478||180,832||176,970||183,658||212,453||202,378|
|PSA Group sub-total||94,887||57,961||50,267||46,244||54,940||57,806||66,057|
|Daimler Group sub-total||15,873||20,458||13,088||16,791||16,600||18,482||20,988|
|BMW Group sub-total||17,560||17,793||13,648||9,073||9,456||10,497||11,598|
|Tata Group||Land Rover||9,390||8,798||6,640||6,267||6,716||7,118||8,500|
|Tata Group sub-total||9,790||9,311||7,430||7,567||7,761||8,224||9,744|
|Geely Group sub-total||3,308||4,465||3,828||3,218||3,023||3,144||3,643|
|Chery Group sub-total||10,496||5,616||2,234||1,543||1,744||1,890||2,223|
|Brilliance Auto sub-total||1,374||552||188||89||135||168||212|
|Changan Automobile Group||Changan||142||116||6||4||11||13||24|
|Changan Automobile Group sub-total||975||286||20||42||116||127||31|
|Effa Motors sub-total||375||158||29||37||15||13||17|
|Mahindra Group sub-total||1,504||297||24||14||0||0||0|
|Other Chinese Manufacturers||Lifan||5,355||5,006||3,411||2,449||2,440||2,366||2,474|
|Other Chinese Manufacturers sub-total||5,355||5,006||3,411||2,466||2,478||2,414||2,533|
|Source: LMC Automotive "Global Automotive Sales Forecast (Quarter 2, 2017)"
(Note) 1. Data indicate figures of only small-size vehicles, including passenger cars and light commercial vehicles with a gross vehicle weight of under 6 tons.
2. All rights reserved. Reproduction of any data will require permission of LMC Automotive.
For more detailed information or inquiries of forecast data, please contact LMC Automotive.
Brazil, South America, GM, FCA, VW, Rota 2030, INOVAR-AUTO, Auto Pact
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