Now online is Global Fleet's Wikifleet profile for Venezuela
, a country beautifully nestled between the Caribbean Sea and the North Atlantic ocean but currently facing the worst political and economic crisis in Latin America.
Considering the latest elections, Nicolás Maduro Moros has been the 46th President of Venezuela since 2013. Unfortunately, under his rule, the country and its population of 31.7 million has been facing strict currency exchange, price controls that discourage private sector investment and production, and an overdependence on the petroleum industry for revenues.
Currently, inflation is nearly 14,000% per year (depending on calculation method) which gives the country the highest inflation in the world. Meanwhile, interest rates are estimated just over 22% (2018) and unemployment is nearing 30%. Last year, approximately US$172bn in GDP was reported, down 18% year-over-year, and equivalent to some US$5,425 per capita.
As Maduro's reelection last year has received widespread condemnation for electoral fraud, Juan Gerardo Guaidó Márquez has proclaimed himself as the country's interim president and the world is mixed as to who to support. While countries such as Russia, Cuba, and Turkey favor Maduro, countries such as the United States, Brazil, and much of Europe favor Guaidó.
In terms of vehicle sales, performance in the country plummeted 98% from 2012-2017 and last year, the World Bank reported a total of 2,069 new car registrations.
Currently leading the market is Ford which sold 1,132 vehicles in 2017 (46% market share), followed by Toyota selling approximately 700 cars (46% share), and Jeep which represents just under 6% market share. The best selling models are the Toyota Hilux pickup (23.8% share), followed by SUVs Ford Explorer and Toyota Fortuner.
Toyota Hilux (source: Toyota)
Despite current hardships, Venezuela once boasted the strongest economy in South America. Although a return back to prosperty does not look like it will occur in the short term, things are bound to get better in the years to come.
Owing to the current crisis, some data is hard to come by and all chapters of Wikifleet Venezuela are yet to be completed. If you have information on the country, feel free to contact Latin America editor Daniel Bland. Global Fleet will credit your support.