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Business

Autofin: Economic Environment Will Harm Distributors’ Profits

Investment group expects slower growth in 2016

File photo of people selecting automobiles at a second-hand market in Shenyang
2 years ago

BY VIANEY PICHARDO

Grupo Autofin Director Juan Antonio Hernández said the complex domestic economic situation might slow growth and lower profits in the automobile industry in 2016.

Hernández stressed that the industry must “fight” to maintain sales levels in order to ensure that constructed vehicles reach the market.

The high interest rate, which was recently increased by 0.75 percent, will have a negative impact on demand, he said.

“Both manufacturers and distributors must work actively to ensure that prices for the consumer do not increase too drastically,” said Hernández.

“It is likely that factories and financial services companies will maintain the current rates in order to sell their products,” he added.

The stabilization of the dollar will mean that car prices will rise at a slower rate, he said.

“Brands have decided to support sales by sacrificing volume. They will try to sell fewer, but more expensive, vehicles,” he finished.

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