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 …
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