Venezuela: Car sales tally another sharp contraction in April
May 6, 2016
Car sales recorded a massive 83.9% contraction over the same month of the previous year and totaled 279 units in April, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Cámara Automotriz de Venezuela). April’s reading came in above the all-time record contraction of 94.3% tallied in March.
In the 12 months up to April, car sales reached 12,850 units, which is the lowest print on record. April’s result represented a sharp 51.2% decline over the same period last year and the biggest contraction since May 2015. Car sales currently total just a small 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.