SAO PAULO: Brazil’s auto industry will benefit from 74 billion reais ($20 billion) in new investment between now and 2017, industry leaders said here Monday on the opening day of the 20th International Road Cargo Transport Show.
The five-day event, better known as Fenatran 2015, includes exhibitors from 41 countries.
Though Brazil is suffering from recession, inflation and increasing unemployment, major domestic and multinational firms remain committed to Latin America’s largest economy, which offers a market of more than 200 million people and a base for exports to the region.
One of the highlights of Fenatran 2015 will be aluminum giant Alcoa’s introduction of the Super Truck, which is up to a ton lighter than ordinary trucks.
Brazil’s motor vehicle sector produced 2.1 million units during the first 10 months of this year, down 21.1 percent from the same period in 2014, the National Association of Auto Manufacturers, or Anfavea, said last Friday.
On the bright side, Brazil exported 39,772 vehicles last month, an 18.7 percent increase over September and a whopping 69.2 percent advance compared with October 2014.
Exports have been boosted by the steep depreciation of the Brazilian currency, which is down 40.5 percent against the dollar.
Fenatran is the industry’s main event in Latin America and 24,000 people are expected to tour the exhibits at Sao Paulo’s Anhembi exposition center.
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