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BRAZIL |
 The re-introduction of lower vehicle taxes on newly bought cars from 1 April, triggered a major rebound in Brazilian new car demand. The government’s rethink, sparked by two successive months of ebbing sales, triggered a strong 30.3 per cent jump in April new car sales to almost 246,000 units, thus painting an altogether brighter picture for this year’s car sales and production prospects Volatility has long been a watchword for Brazil’s overall market. Despite widely shared gloomy earlier expectations for the current year, and the extreme swings in buying behaviour seen since the start of this year, this year’s Brazilian new car market is likely to shape up markedly better than even optimists could have predicted only a couple or so months ago. The reasons for this sudden transformation are only too easily spotted. That’s chiefly the government’s decision to cut Brazil’s IPI tax (Tax on Industrialised Products) on cars between now and the end of this year. Overnight, the tax cut prompted an upward revision of full year car sales and production forecasts MORE LIKE THIS: Going native pays off for Hyundai in Brazil 04 Jun 2013 India’s tiger no longer roars 30 Apr 2013 China’s car market lost little fizz since start of this year 30 Apr 2013 DATA
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