Venezuela: Car sales return to contraction in January
February 11, 2015
Annual car sales fell 5.4% over the same month the previous year and totaling 683 units in January, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela). The reading largely contrasted the 78.2% rise recorded in December. December’s increase broke a streak of 19 consecutive months of contractions.
In the 12 months up to January, car sales reached just 23,668 units, which was 74.8% lower compared to the same month of last year (December: -76.0%). 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.