Brazil’s automotive sector has achieved exceptional results in 2024, recording the fastest growth among the top ten global markets, as reported by Brasil 247, a partner of TV BRICS.

Vehicle sales surged by 15 per cent compared to the previous year, reaching 2.6 million units, which included passenger cars, light commercial vehicles, trucks, and buses.

Investments in the industry reached an unprecedented US$29.63 billion, with US$21.40 billion contributed by vehicle manufacturers and US$8.23 billion by the auto parts sector.

This financial commitment enabled the creation of 100,000 new jobs in 2024, highlighting the sector’s role as a cornerstone of economic recovery.

Projections for 2025 suggest continued growth, with an estimated 5.6 per cent increase in sales, potentially reaching 2.8 million units, and a 6.8 per cent rise in production driven by new manufacturing facilities.

Industry leaders have emphasised the importance of advancing policies to reduce production costs and enhance logistics, particularly through more efficient port operations.

African Times published this article in partnership with International Media Network TV BRICS