Features
14 Mar 24

Chile's car sector eyes more sales despite limited access to financing

Chile's automotive sector anticipates a surge in sales this year, with projections indicating a total of 340,000 new vehicle sales—an 8% increase from the previous year's figure of 313,865 units.

However, these numbers still lag behind the robust sales of 2022, when the industry moved 426,777 units, according to the Chilean Automotive Association (ANAC).

Car sales down

Despite optimistic forecasts, the Chilean automotive market encountered a setback at the beginning of the year, witnessing a decline in sales. Between January and February, only 47,567 units were sold, marking an 11.6% drop compared to the same period of 2023, it said.

ANAC attributed this decline to various factors, including reduced economic activity and “restrictions that still persist in terms of access to financing, liquidity and better consumer confidence in the general economic outlook,” it added.

The sluggish sales performance affected all vehicle categories, including passenger vehicles, pick-ups, trucks, commercial vehicles, and SUVs, ANAC said.

 

Source: ANAC

Although Chilean car sales experienced a downturn during the first two months of the year, specific car brands continue to assert their dominance in sales.
 

Source: ANAC

In February, Chile’s automotive industry sold 22,450 units, down by 14.4% compared to the same month from the previous year. 

Source: ANAC

Truck sales also fell in February to 870 units, compared to 904 units sold in February of 2023, according to ANAC.

Meanwhile, other Latin American countries such as Mexico, have started the year with a notable surge in sales reaching 112,099 units in January, up by 18.7% compared to the same month the previous year. 

Shutterstock ID: 1280497573

 

Authored by: Rodrigo Alonso