Venezuelan production in the month of June was 1,881 units, up 161% y/y, as production in June 2014 had been pulled back to only 719 units. Compared with output in May 2015, production in June increased by 39.2% to 1,351 units. Reportedly, GM built the most vehicles in Venezuela in the ytd, reaching 3,367 units through June. Meanwhile, MMC produced 2,532 units, Toyota 2,279, and Ford 1,164.
Vehicle sales in Venezuela reached 10,972 units in the six months to June, up 33.2% from the first six months of 2014, according to latest data from the Automobile Industry Chamber of Venezuela (Camara Automotriz de Venezuela: Cavenez). Sales in June increased 73.0% year on year (y/y) to 1,884 units, up from 1,089 units sold in June 2014, including light vehicles and medium-heavy commercial vehicles (MHCVs). General Motors (GM) sold the most vehicles in June, with 573 units sold, followed by Toyota (395 units), Mitsubishi (336), Chrysler (273), and Ford (184). Production in Venezuela rose 77.3% in the year to date (ytd) in June to 10,922 units, up from 6,161 units built in January−June 2014, reports Cavenez.
Significance: Venezuela's inflation and currency issues continue to hamper the auto industry and the economy. However, the situation has eased slightly, and IHS Automotive now forecasts light-vehicle sales will grow from 21,573 units in 2014 to 23,507 units in 2015. The inability to obtain raw materials continues to slow production and sales, though so far the year is up from an abysmal 2014. Automakers continue to make structural financial decisions to protect profitability, while declining to fully exit the market. In May, Ford started accepting US currency only as payment for vehicles, and GM and Fiat Chrysler Automobiles (FCA) are considering the same move.
