Venezuela: Downward spiral in car sales continues in June
July 9, 2014
Annual car sales plunged 85.9% over the same month last year and reached just 1,089 units according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela). The reading followed the 76.3% decline recorded in May and marked the lowest level of car sales in four months.
In the 12 months up to June, car sales reached just 49,834 units, which was 58.6% lower than in the same period last year (May: -54.9% year-on-year) and marked the lowest level of units sold since records began in 1997. Car sales currently total just a fraction of the peak of 491,899-units recorded in the full year 2007. Extreme supply shortages due to government restrictions on both assembly plants and importers have severely hampered sales of vehicles in recent years.