February 8, 2024 – The National Association of Motor Vehicle Manufacturers (ANFAVEA) began its monthly press conference with a historic announcement: almost R$100 billion in investments in the automotive sector during the current cycle. The Vice-President of the Republic and Minister of Development, Industry, Commerce and Services, Geraldo Alckmin, highlighted the importance of these contributions for Brazil’s economic growth, reinforcing the credibility and predictability offered by the government, which have attracted new investments in factories, products , technology and R&D in the country.
This amount, which includes investments from already established automakers, new entrants and the auto parts sector, is still expected to grow with new announcements coming soon. Alckmin highlighted that Brazil is at a favorable moment for the automotive sector, with economic stability and government incentives such as the MOVER Program, which promotes decarbonization and encourages production and innovation on Brazilian soil.
The President of ANFAVEA, Márcio de Lima Leite, reaffirmed the entity’s commitment to ensuring that this record investment comes to fruition, and announced plans for a new automotive event in São Paulo later this year, focused on cutting-edge technology, sustainability and innovation. This event will replace the old Motor Show and will reflect the significant changes that the Brazilian automotive industry is going through.
The performance of the automotive market also showed signs of recovery at the beginning of 2024, with a 13.1% increase in sales in January compared to the same month of the previous year. The highlight was imported models and hybrid and electric vehicles, which reached 7.9% of licenses in the month. On the other hand, exports had a weaker performance, with just 18,800 units shipped, the worst monthly result since the height of the pandemic.
Source ANFAVEA https://anfavea.com.br/site/wpcontent/uploads/2024/02/Release_Fevereiro.pdf
