The BRIC wall is crumbling.
Brazil’s auto industry is expecting this year’s downturn to be its worst since 1998, according to estimates from the national automakers association Anfavea, which slashed its 2015 outlook for the second time in two months.
Automotive News reports that production is likely to drop 18 percent from last year, Anfavea said, steeper than the 10 percent drop it forecast in April.
The group expects domestic sales to plunge 21 percent this year, a much sharper tumble than the previous forecast for a 13 percent drop.
This comes after Russian sales collapsed in the wake of economic sanctions over military action in Ukraine and China has also reported a slowdown in sales.
Only India is, for now, weathering the sales storm but its buyers have been increasingly looking at up market European badged models rather than its own home-made models.
