Market Report, "Venezuela Autos Report Q3 2015", published

In 2015, sales and production of vehicles in Venezuela will improve slightly but volumes will remain far below their pre-2013 levels. Production will remain stymied by bottlenecks in the supply of imported components owing to the restrictions on currency exchange in the country. These currency restrictions will also hold back sales volumes owing to dealers' inability to address the shortfall in production by ramping up imports.

BMI holds a considerably bearish outlook for vehicle production in Venezuela following the dramatic fall in oil prices in late 2014 which has drastically lowered Venezuela's revenues from oil exports and, as a result, has severely cut the country's supply of hard currency. This has meant the country's multi-tiered exchange rate system has become untenable with widespread capital restrictions and rationing of hard currency now limiting automotive manufacturers' ability to pay foreign suppliers for vital component import orders.

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Like output, we also remain bearish in our outlook for sales volumes in the country. The current crisis in car sales is the result of supply-side factors in the industry whereby the supply of vehicles has dried up owing to the drop in output of local manufacturers and currency and import controls significantly limiting importers' ability to substitute falling output with imports of completely built-up vehicles.

If local manufacturers were able to increase output, or if imports increase, we believe there would more than sufficient demand to absorb these vehicles. With inflation rates above 60%, the highest in the world, demand for new and used vehicles in the country has soared as consumers seek to protect their wealth by purchasing tangible assets such as cars rather than keeping cash assets. As a result, waiting lists for new vehicles have grown dramatically and the price of used cars has soared upwards. The rise in demand for new vehicles has also forced the government to implement strict price controls on new cars,...

The Venezuela Autos Report features the latest data and forecasts covering production, sales, imports and exports.

BMI Research's Venezuela Autos Report provides industry professionals and strategists, corporate analysts, auto associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on the automotives market in Venezuela.

Key Benefits

* Benchmark BMI's independent automotives industry forecasts on Venezuela to test other views - a key input for successful budgetary and planning in the Venezuelan automotives market.
* Target business opportunities and risks in the Venezuelan automotives sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Venezuela.

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