According to the National Federation of Motor Vehicle Distribution (Fenabrave), sales of new motor vehicles increased by 21% during the first quarter of 2023 compared to the same period in 2022. In total, 878,817 units were sold from January to March 2023, compared to 726,272 units sold during the same period last year.
The sales growth in March 2023 was 33.4% higher compared to the same month in 2022, and a significant 48.7% increase was observed from February to March this year. The total number of vehicles sold in March was 365,012, representing a substantial increase from the 245,393 units sold in February and the 273,549 vehicles sold in March of last year.
Andreta Jr., the head of Fenabrave, stated that although there was an increase in sales, the automotive industry has yet to reach the levels achieved in 2019, prior to the pandemic. He noted that the overall high was partly due to the difference in the number of business days between March (23 days) and February (18 days), as well as the lower sales results during the first quarter of last year.
“We are again facing a challenging scenario for 2023 due to several factors, including high levels of family indebtedness, a rise in defaults, and the imposition of high-interest rates and credit selectivity by financial institutions. These factors have led to a significant decrease in consumer demand, resulting in a loss of purchasing power,” he added.
