Automotive Market: Outlook for 2020

Although in 2019 worldwide vehicle sales fell by 3 million units, in Guatemala distributors project that this year local sales could grow between 5% and 10%.

Monday, March 2, 2020

According to Fitch Ratings risk data, at the end of last year reported a significant drop in vehicle sales globally, a decline that was induced by the contraction of the Chinese market.

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In this context, Guatemalan businessmen remain optimistic about 2020, since their forecasts of rising sales would be fulfilled after the country entered a period of political stability.

Also see "Automotive Business in Central America"

Jean Pierre Devaux, executive director of the Association of Importers and Distributors of Motor Vehicles (Aidva), told that "... despite the global outlook, growth expectations for Guatemala are positive and they expect that, if internal regulatory factors, political stability and economic growth are met, the projections are encouraging and are between 5 and 10% growth for this year."

Esteban Cáceres, general manager of Continental Motores, S.A. explained that at the local level "... the market for new vehicles is stable and the sales projection for this year is 20% growth."

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