"It was an unquestionable success", says Andreta Jr. about the discounts package
By Alzira Rodrigues | 8/2/23 | Translated by Jorge Meditsch
Fenabrave’s president, José Maurício Andreta Jr., said the government’s “affordable car” program was an unquestionable success. The package granted discounts from R$ 2 thousand to R$ 8 thousand for vehicles up to R$ 120 thousand.
July’s 20% growth in automobile and light commercial vehicle sales increased federal and state tax collection. The executive said the organization is completing a study to present to the government with measures assuring market growth.
“From the economic viewpoint, it is important for the country to keep the sales warm. Therefore, Fenabrave believes it is needed a sustained recovery plan for the automotive sector that would not be temporary and does not imply loss of tax collection. The idea is to have credit means to enable the consumer to recover buying power”.
July light segment results, with more than 215 thousand registers, were the best since 2020 and the tenth-best month in Fenabrave’s ranking history. For Fenabrave, the government package benefited mostly entry car buyers, who had no access to new vehicles.
“The challenge now is to find ways to keep the market warm, and credit is one of the major challenges”, commented Andreta Jr. “Despite federal incentives, the tax collection should have expanded by the largest number of vehicles commercialized. This is true for the federal government and even more for the states, which did not concede discounts and had a gain in ICMS collection”.
The government package announced on June 6 generated business only at the end of the month and the beginning of July.
“There is a 15-day interval from the purchase at the dealer and the vehicle licensing, the reason most of the transactions happened last month”, explained Andreta Jr., informing the average daily sales reached 10 thousand units in July (8.5 thousand in June).
Federal incentives for light vehicle sales totaled R$ 800 million. Besides the official discounts, manufacturers and dealers also reduced prices, and manufacturers’ banks reduced interest rates during the period.
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