Brazil's largest truckmakers are expressing optimism again about the growth...
SAO PAULO - Brazil’s largest truckmakers are expressing optimism again about the growth prospects for Latin America’s largest economy, even as the country continues to struggle to rebound from a deep recession that began in 2015.
Truck sales and production have defied the broader economic trends, and industry trade group Anfavea this month revised its growth forecasts upward. It now expects domestic Brazil truck sales to rise 35% while production will grow a healthy 8%, weighed down by a crisis in Argentina, the second-largest consumer of Brazilian trucks.
Brazil has South America’s largest auto industry and is a particularly important base for truckmakers, where it is Volvo’s second-largest market globally. The country was Mercedes Benz’s largest market in the world before its economy crashed in 2015. It remains the largest market for Swedish maker Scania [SCVSA.UL], a subsidiary of Volkswagen AG .
Mercedes Benz, the market leader in Brazil with about 30% market share, expects 2020 to be an even better year for its truck business.
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