Venezuela: Car sales plummet to 12-month low in October
November 12, 2015
Annual car sales fell 72.4% over the same month last year and totaled 613 units in October, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela). The reading was a deterioration from September’s 67.6% contraction and marks the lowest figure in 12 months
In the 12 months up to September, car sales reached 22,886 units, which was 6.6% lower than last year’s figure for the same period (September: -19.3% year-on-year). Car sales currently total just a fraction of the peak of 491,899 units recorded in calendar year 2007. Extreme supply shortages due to government restrictions on both assembly plants and importers have severely hampered sales of vehicles in recent years.