Brazil saw a 12 per cent growth in the number of new cars registered in 2023, reaching more than 4 million units.

The National Federation of Vehicle Distribution reported the jump, noting a significant increase from 3.67 million in the previous year. Notably, there was a 16.1 per cent increase in motorbike sales. This is reported by The Rio Times.

Jose Mauricio Andreta Junior, president of the federation, explained these results by an effective partnership between the industry and the government. However, he emphasised the need to develop strategies for sustainable growth in the automotive sector.

Looking ahead, new car sales are projected to increase by 13.54 per cent, generally about 4.52 million units. These forecasts reflect Brazil’s evolving automotive market, which balances economic initiatives, consumer demand and industry development.

Brazil’s automotive market is showing strong growth, positioning itself as a regional leader in Latin America.

BY : TV BRICS