BMI Reverses Outlook For Production, No Recovery In Sight

Recovery in Venezuelan autos production is failing to gather momentum, despite three consecutive years of contraction between 2008 and 2010. Estimates from the Venezuela Automobile Chamber of Commerce (Cavenez) show that vehicle production during the first nine months of 2011 fell almost 3% year-on-year (y-o-y), to 79,797 units - remaining a far cry from the 15% growth expected by industry insiders and even lower than BMI's already cautious expectations of a moderate 5.7% y-o-y growth this year.

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