Argentina car sales up amidst high interest rate
New car sales in Argentina increased 6.5% in May to 85,385 units amidst a recent jump in the benchmark interest rate to 40%.
The uptick is primarily due to the implementation of the country’s automotive program known as the One Million Plan which aims to double sector employment within five years while increasing export and domestic demand.
In May, Volkswagen, Renault, and Chevrolet were the top selling brands. While VW sales rose 3.2% to 12,435 units, Renault sales jumped 29.5% to 11,550 units. Chevrolet sales, however, fell 14.6% to 9,957 units, according to automotive research and data group Focus2Move.