Passenger car sales in Brazil increased 3.6% year-on-year (y-o-y) in September, to 222,315 units. On the back of substantial sales declines in Q313, however, sales in this segment have declined 2.8% y-o-y over the first nine months of 2013, to 2,041,169 units. Passenger car sales spiked in Q312 on the back of the introduction of government tax incentives, creating high base effects. We expect the market to pick up somewhat over the remainder of the year due to lower base effects, in line with the September growth figure. However, the broader slowdown in consumer spending in Brazil looks to be impacting the passenger car segment more than we had previously anticipated. Accordingly, we forecast a 0.5% increase in this segment in 2013.

BMI Industry View 7

SWOT 8

SWOT Analysis 8

Political 10

Economic 11

Business Environment 12

Industry Forecast 13

Sales 13

      Table: Brazil Autos Sales By Segment - Historical Data And Forecasts, 2010-2017 13

Production 16

      Table: Brazil Autos Production By Segment - Historical Data And Forecasts 16

Trade 18

      Table: Brazil Autos Trade - Historical Data And Forecasts 18

      Table: Brazil Autos Economic Contribution 18

      Industry News And Developments 19

Passenger Cars 20

      Table: Brazil Passenger Car Segment - Historical Data And Forecasts, 2010-2017 20

      Sales 21

      Production 22

      Company News 24

Commercial Vehicles 28

      Table: Brazil Commercial Vehicle Segment - Historical Data And Forecasts 28

      Sales 29

      Production 31

Motorcycles 33

      Table: Brazil Commercial Vehicle Segment - Historical Data And Forecasts 33

      Sales 33

      Table: Motorcycle Sales By Brand 34

      Production 35

      Table: Motorcycle Production By Brand 35

      Suppliers 35

Macroeconomic Forecasts 38

      Table: Brazil - Economic Activity 44

Industry Risk Reward Ratings 45

Latin America Risk Reward Ratings 45

      Table: Autos Risk/Reward Ratings - Americas 47

Company Profile 48

Volkswagen 48

Regional Overview 49

Global Industry Overview 53

Global Overview 53

Demographic Forecast 57

      Table: Brazil's Population By Age Group, 1990-2020 ('000) 58

      Table: Brazil's Population By Age Group, 1990-2020 (% of total) 59

      Table: Brazil's Key Population Ratios, 1990-2020 60

      Table: Brazil's Rural And Urban Population, 1990-2020 60

Methodology 61

Industry Forecasts 61

Sector Specific Methodology 62

Sources 62

Risk Reward Rating Methodology 63

Sector Specific Methodology 64

      Table: Automotives Risk Reward Ratings Indicators 64

      Table: Weighting Of Indicators 65

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