Market Report, "Venezuela Autos Report Q2 2014", Published
Vehicle sales in Venezuela declined 63.9% year-on-year (y-o-y) in December, to 2,959 units. We expect to see a 24.3% drop in the sector in 2013, as the poor macro picture in Venezuela is increasingly impacting consumer sentiment. Inflation is running very high, eroding consumers' purchasing power and appetite for big ticket purchases, such as new cars. High interest rates curtail demand for vehicle loans, and the ongoing weakness in the Venezuelan bolivar increasingly makes vehicle imports more expensive in local...
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