Vehicle production in Brazil, Latin America’s largest economy, rose 20 percent year on year in March, the Brazilian National Association of Automotive Vehicle Manufacturers (Anfavea) said Monday.
Brazilian automakers produced 221,835 vehicles in March compared to 184,786 a year earlier.
Exports of vehicles increased by 14.8 percent to some 44,700 units compared to 38,898 units in March 2022.
Despite the increase, the figures were still below pre-pandemic levels, said Marcio de Lima Leite, chief of Anfavea.
While the industry was held back last year by a shortage of semiconductors, this year the problem was “cooling demand” caused by interest rate hikes that made borrowing more expensive for buyers, he said.