© 2017 IHS Markit. All Rights Reserved. © 2017 IHS Markit. All Rights Reserved.
Mexico Automotive Outlook
October, 2017
Guido Vildozo, Senior Manager, Americas +1 781.301.9037 [email protected]
© 2017 IHS Markit. All Rights Reserved.
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3
Committed to Customers First
Including 5,000+ analysts, data scientists,
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• Unsurpassed ability to interpret data
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Our mission is to delight our customers
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sustainable growth.
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© 2017 IHS Markit. All Rights Reserved.
IHS Markit Automotive provides a 50 year legacy…
DRI and WEFA are founded. Later join to form Global
Insight
IHS
acquires Global Insight
IHS acquires CSM
Worldwide
IHS acquires iSuppli
IHS acquires
IMS Research and BDW Automotive
2008 2009 2010 2011 2012 1960s
Global Insight brings vehicle demand and production forecasts,
component insight, and market
awareness tool in addition to a host
of country intelligence and industry insights
Enhances demand,
production, powertrain
and components
analysis
Adds vehicle technology
analysis featuring
infotainment & safety systems
Founded the modern
economic forecasting
industry including
forecasts for Automotive
Enhances vehicle
technology analysis and
adds consumer surveys
Adds network planning and performance management capabilities
© 2017 IHS Markit. All Rights Reserved.
…and is positioned to support the industry’s future!
In July 2013, IHS acquired RL Polk,
including both Polk and CARFAX.
IHS Automotive
comprises over 800+ colleagues located in
30+ offices in 14 countries across 4
continents.
2015
IHS acquires RL Polk
IHS acquires
CARPROOF
2013 2013
IHS acquires CARFAX
IHS Markit Automotive group
is now the leading source of global light-vehicle registration, sales,
production and vehicles-in-operation data and forecasts
In 2015 IHS acquired CARPROOF
Corporation, a Canada-based
company that offers products and
services in vehicle history, appraisal
and valuation for the automotive industry
IHS merges with Markit Ltd. to
become IHS Markit
2016
IHS Markit acquires
automotive Mastermind
2017
© 2017 IHS Markit. All Rights Reserved.
A trusted partner to clients’ success
Our clients include:
All 20 of the largest OEMs
92 of the top 100 Tier-1 Suppliers
Our global list of over 650 clients accounts for
Over 85% of the world's top OEMs and suppliers
© 2016 IHS Markit – All Rights Reserved
© 2017 IHS Markit. All Rights Reserved.
Agenda
• Global Outlook
• NAFTA Outlook
• Mexico Outlook
• Key Takeaways
© 2017 IHS Markit. All Rights Reserved.
Global growth forecasts expects BRICs to strengthen and mature markets to remain resilient
-2
0
2
4
6
NAFTA OtherAmericas
WesternEurope
EmergingEurope
Mideast-N.Africa
Sub-Saharan
Africa
Japan Other Asia-Pacific
An
nu
al
perc
en
t ch
an
ge
2016 2017 2018 2019 2020–24
Real GDP
© 2017 IHS Markit. All Rights Reserved.
9
Oil prices gradually recover but remain moderate adjusted for inflation
0
25
50
75
100
125
150
2000 2003 2006 2009 2012 2015 2018 2021 2024 2027
Do
lla
rs/b
arr
el
Current US dollars 2016 US dollars
Price of Dated Brent crude oil
Source: IHS Markit © 2017 IHS Markit
© 2017 IHS Markit. All Rights Reserved.
10
The dollar’s real exchange rate value will depreciate in the medium term
0.8
1.0
1.2
1.4
1.6
1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020
Ind
ex
, 2
00
9 =
1.0
Major trading partners Other important trading partners
Real trade-weighted dollar index
Source: IHS Markit © 2017 IHS Markit
© 2017 IHS Markit. All Rights Reserved.
$400 Estimated incremental spend globally to 2020. $5–8 billion estimated
average annual per original equipment manufacturer (OEM).
Penalties for non-
compliance billion
Brand image as a leader in
technological advancements and
environmental sustainability
Vehicle profitability
Market share
*
* IEA World Energy Investment Outlook (International Energy Agency, World Energy Investment Outlook, OECD/IEA, Paris).
60
80
100
120
140
160
180
200
220
240
260
280
2003 2006 2009 2012 2015 2018 2021 2024 2027 2030
US (FTP75/US06)
Europe (NEDC)
Japan (JC08)
China (NEDC)
S.Korea (NEDC)
• Global vehicle CO2 targets are now starting to converge, allowing for more global synergy and analysis
• What’s at stake?
Tighter Regulations: What are automakers to do?
© 2017 IHS Markit. All Rights Reserved.
So, what’s a ZEV?
Hydrogen fuel cell electric
vehicles (FCEVs)
Battery electric vehicles (BEVs)
Plug-in hybrid
vehicles (PHEVs)
Note: ZEV = zero emissions vehicle.
© 2017 IHS Markit. All Rights Reserved.
Disruptive
–Toyota
–Honda
–Nissan
–Ford
–BMW
–Volkswagen
–Mazda
–Hyundai
–Lexus
–Audi
© 2016 IHS 13
© 2017 IHS Markit. All Rights Reserved.
Photo By: Devin Lindsay
Products
Battery evolution Infrastructure
Government / incentives Oil prices
Consumer
Six Stars of Alignment
Photos by: Devin Lindsay
Source: Shutterstock
Source: Shutterstock
Source: Shutterstock Source: Shutterstock
© 2017 IHS Markit. All Rights Reserved.
Traditional
Ownership
model
(CaaP)
Sharing Economy
(CaaS)
Driver is Person
Automated
Autonomous
L5 New customers
New Form of mobility
Disruptors
(CaaRobot)
Big
ge
st d
isru
pto
r
to A
uto
mo
tive
In
du
str
y
Paradigm Change and the Mobility Cube Solving the Automotive Rubik’s Cube as new mobility ecosystems emerge
Ride-Hail Car-Share
“CaaS” – car as a service “CaaRobot – car as a robot “CaaP” – car as a product “PAC” - Personal Autonomous Car
PAC Robo Taxis
e.g. Uber, Lyft, Didi
e.g. Zip Car Car2go
© 2017 IHS Markit. All Rights Reserved.
64
93
108
50
60
70
80
90
100
110
120
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Global Light Vehicle Sales (Millions)
Source: IHS Markit © 2017 IHS
29million
15million
-0.4 -0.2 0.0
0.0 0.1 0.4 0.4
0.9 1.2
2.6 9.3
-2.0 0.0 2.0 4.0 6.0 8.0 10.0
MPV
Wagon
Convertible
Roadster
Coupe
Van
Chassis-Cab
Pickup
Sedan
Hatchback
SUV
Global sales approach 100M by end of the decade
© 2017 IHS Markit. All Rights Reserved.
0%
5%
10%
15%
20%
25%
30%
35%
40%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
SUV Share of Global Production
Source: IHS Markit © 2017 IHS
Region
SUV Growth
(CAGR 2017-
24)
Middle
East/Africa 13.6%
South
America 11.7%
South Asia 9.3%
Europe 4.6%
Greater
China 4.4%
North
America 2.3%
Japan/Korea -1.3%
Grand Total 3.7%
SUV growth across different regions of the world
© 2017 IHS Markit. All Rights Reserved.
2017 is the year of the return of the BRICs; Mexico among top 5 in 2016
Annual LV sales change—Top 20
Source: IHS © 2015 IHS
-40%
-30%
-20%
-10%
0%
10%
20%
30%
Iran
Russia
Bra
zil
India
Thailand
Spain
Italy
Japan
Canada
Fra
nce
Indonesia
Germ
any
Chin
a
Austr
alia
South
Kore
a
Mexic
o
United S
tate
s
United K
ingdom
Turk
ey
Saudi Ara
bia
Growth 2016 Growth 2017 Growth 2018
© 2017 IHS Markit. All Rights Reserved.
19
19
Light Vehicle Sales in Latin America
Country CY 2014 CY 2015 P'15 CY 2016 P'16 CY 2017 P'17
CY 2016
Dic15 MOE '16
Argentina 650,144 631,996 -2.8% 674,833 6.8% 859,562 27.4% 579,740 16.4%
Brazil 3,333,082 2,480,502 -25.6% 1,988,089 -19.9% 2,175,065 9.4% 2,100,228 -5.3%
Chile 328,412 283,495 -13.7% 304,626 7.5% 350,961 15.2% 262,057 16.2%
Colombia 296,047 267,821 -9.5% 243,469 -9.1% 252,350 3.6% 264,117 -7.8%
Ecuador 92,930 72,117 -22.4% 69,001 -4.3% 96,500 39.9% 81,413 -15.2%
Mexico 1,135,029 1,351,812 19.1% 1,601,195 18.4% 1,575,988 -1.6% 1,399,876 14.4%
Peru 165,915 147,559 -11.1% 154,334 4.6% 172,515 11.8% 150,483 2.6%
© 2017 IHS Markit. All Rights Reserved.
Mexico outlook summary
20
*Annual average, **Billions of US dollars
-40
-30
-20
-10
0
2010 2012 2014 2016 2018 2020
12
17
22
2010 2012 2014 2016 2018 2020
0
2
4
6
2010 2012 2014 2016 2018 2020
2.53.03.54.04.55.05.56.06.5
2010 2012 2014 2016 2018 2020
Real GDP growth (%)
Exchange rate per US dollar*
Consumer price inflation (%)
Current-account balance**
Source: IHS © 2016 IHS Source: IHS © 2016 IHS
Source: IHS © 2016 IHS Source: IHS © 2016 IHS
© 2017 IHS Markit. All Rights Reserved.
Earthquakes impacted 8 States in Mexico
21
• States impacted account for 35% of GDP
• In these 8 states, 84% of business units did not suffer loses or altered their normal business operations
• Approximately 50% of impacted business units closed/stop only for 1 day
• Worst case scenario: GDP loses at 0.2-0.3 of a percentage point
2% 17%
1%
9%
1% 2%
3% 0%
65%
ChiapasCiudad de MéxicoGuerreroMéxicoMorelos
Mexican States: share of GDP
Source: IHS Markit © 2017 IHS Markit
© 2017 IHS Markit. All Rights Reserved.
Mexico Light Vehicle Sales - SAAR
22
Source: IHS Automotive
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
ene.-
09
ene.-
10
ene.-
11
ene.-
12
ene.-
13
ene.-
14
ene.-
15
ene.-
16
ene.-
17
ene.-
18
Millo
nes
PACE LV
Mexico LV
© 2017 IHS Markit. All Rights Reserved.
Thousand Units
Mexico Light Vehicle Sales Monthly Volumes
23
Source: IHS Automotive
2016 2017 %
Jan 119,339 123,260 3.0%
Feb 110,491 117,976 6.7%
Mar 117,962 137,012 17.1%
Apr 118,005 114,477 -3.3%
May 121,538 122,916 1.1%
Jun 134,337 127,410 -5.3%
Jul 130,916 122,110 -7.3%
Aug 133,800 125,331 -6.5%
Sep 131,696 116,356 -11.5%
Oct 137,389 131,995 -3.9%
Nov 154,219 153,443 -0.8%
Dec 191,516 183,680 -4.6%
Total 1,601,208 1,575,988 -1.7%
0
50,000
100,000
150,000
200,000
250,000
2014
2015
2016
2017
© 2017 IHS Markit. All Rights Reserved.
YTD by Global Segment (August)
24
Global Segment 2016 2017 YOY
INDUSTRY 986,388 989,661 0.3%
C-Sedan 265,480 253,686 1 -4.4% B-Sedan 130,398 123,803 2 -5.1% B-Hatchback 108,479 108,868 3 0.4% C-SUV 100,497 96,828 4 -3.7% C-Pickup 79,698 80,381 5 0.9% B-SUV 44,615 72,647 6 62.8% A-Hatchback 59,184 54,210 7 -8.4% D-SUV 30,111 28,456 8 -5.5% C-Hatchback 25,975 27,578 9 6.2% D-Pickup 28,891 24,512 10 -15.2% D-Sedan 27,059 20,632 11 -23.8% D-Van 13,559 15,300 12 12.8% Others 72,442 82,760 14.2%
© 2017 IHS Markit. All Rights Reserved.
-35%
-25%
-15%
-5%
5%
15%
25%
35%
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024
Mil
lon
es
Light Veh -L Annual Change -R
Forecast calls for continued restriction of used cars
Mexico Light Vehicle Sales More credit/manufacturing bring us to new highs?
25
Source: IHS Automotive
© 2017 IHS Markit. All Rights Reserved.
CAGR by Segment-Bodytype
C-Sedan B-SedanB-
HatchbackC-SUV C-Pickup B-SUV
A-Hatchback
D-SUVC-
HatchbackD-Pickup Total
CAGR 2011-2016 8.2% 21.9% 10.2% 17.5% 13.6% 79.1% 18.5% -0.2% 19.2% -0.3% 12.1%
CAGR 2017-2022 2.1% -0.3% 1.9% 4.9% 1.5% 3.8% -5.0% 6.7% -1.6% 2.2% 2.0%
CAGR 2017-2025 1.7% -0.1% 1.5% 3.9% 1.6% 3.3% -1.6% 5.2% 1.2% 2.0% 1.9%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
CAGR 2011-2016 CAGR 2017-2022 CAGR 2017-2025
Source: IHS Automotive
26
© 2017 IHS Markit. All Rights Reserved.
There are 35 brands inside Others: Audi, Fiat, Suzuki, BMW, Jeep, Mercedes-Benz, Mitsubishi, Peugeot, Mini, GMC, Buick, Acura, Infiniti, Cadillac, Lincoln, Isuzu, Porsche, Volvo, Subaru, Chrysler, Land Rover, Smart, Alfa Romeo, Jaguar, Bentley, Others, Beijing Auto, FAW, Freightliner, Genesis, Hummer, Mercury, Pontiac, Saab and Tianjin Xiali.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Others
Ram
SEAT
Renault
Dodge
Hyundai
Mazda
Ford
Kia
Honda
Toyota
Volkswagen
Chevrolet
Nissan
Percentage
Nissan, GM and VW will face competition
Mexico LV Market Share by Brand
27
Source: IHS Automotive
© 2017 IHS Markit. All Rights Reserved.
-10%
-5%
0%
5%
10%
15%
20%
-
100
200
300
400
500
Milla
res
Nissan Renault Mitsubishi Infiniti YOY
Mexico Light Vehicle Sales Renault-Nissan Alliance
0%
20%
40%
60%
80%
100%
2012201320142015201620172018201920202021202220232024
C B D E HVAN
0
50
100
150
200
250
2012 2013 2014 2015 2016 2017 2018
2019 2020 2021 2022 2023 2024
0
1
2
3
4
5
6
7
8
9
10
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Portfolio Age
28
Source: IHS Automotive
© 2017 IHS Markit. All Rights Reserved.
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
-
50
100
150
200
250
300
350
400
Milla
res
Chevrolet GMC Buick Cadillac YOY
Mexico Light Vehicle Sales General Motors
0%
20%
40%
60%
80%
100%
2012201320142015201620172018201920202021202220232024
B A C D E HVAN
29
Source: IHS Automotive
0
50
100
150
200
250
2012 2013 2014 2015 2016 2017 2018
2019 2020 2021 2022 2023 2024
0
1
2
3
4
5
6
7
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Portfolio Age
© 2017 IHS Markit. All Rights Reserved.
-5%
0%
5%
10%
15%
20%
-
50
100
150
200
250
300
Milla
res
VW SEAT Audi Porsche Bentley YOY
Mexico Light Vehicle Sales Volkswagen Group, Jetta weakened
0%
20%
40%
60%
80%
100%
2012201320142015201620172018201920202021202220232024
C B D E A F
30
Source: IHS Automotive
0
20
40
60
80
100
120
140
160
2012 2013 2014 2015 2016 2017 2018
2019 2020 2021 2022 2023 2024
0
1
2
3
4
5
6
7
8
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Portfolio Age
© 2017 IHS Markit. All Rights Reserved.
-200%
0%
200%
400%
600%
800%
1000%
1200%
1400%
1600%
-
50
100
150
200
Milla
res
Kia Hyundai Genesis YOY
Mexico Light Vehicle Sales Hyundai Auto Group
0%
20%
40%
60%
80%
100%
2012201320142015201620172018201920202021202220232024
C B A D E
31
Source: IHS Automotive
0
10
20
30
40
50
60
70
80
2012 2013 2014 2015 2016 2017 2018
2019 2020 2021 2022 2023 2024
0
1
2
3
4
5
6
7
8
9
10
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Portfolio Age
© 2017 IHS Markit. All Rights Reserved.
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
-
20
40
60
80
100
120
Milla
res
Toyota YOY
Mexico Light Vehicle Sales Toyota Motor Corporation
0%
20%
40%
60%
80%
100%
2012201320142015201620172018201920202021202220232024
C B D E
32
Source: IHS Automotive
0
5
10
15
20
25
30
35
40
2012 2013 2014 2015 2016 2017 2018
2019 2020 2021 2022 2023 2024
0
1
2
3
4
5
6
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Portfolio Age
© 2017 IHS Markit. All Rights Reserved.
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
-
20
40
60
80
100
120
140
Milla
res
Dodge Ram Fiat Jeep
Chrysler Alfa Romeo YOY
Mexico Light Vehicle Sales Fiat Chrysler Automobiles
0%
20%
40%
60%
80%
100%
2012201320142015201620172018201920202021202220232024
C D B A E HVAN
33
Source: IHS Automotive
0
5
10
15
20
25
30
35
40
45
2012 2013 2014 2015 2016 2017 2018
2019 2020 2021 2022 2023 2024
0
1
2
3
4
5
6
7
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Portfolio Age
© 2017 IHS Markit. All Rights Reserved.
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
-
20
40
60
80
100
120
Milla
res
Acura Honda YOY
Mexico Light Vehicle Sales Honda Motor Company
0%
20%
40%
60%
80%
100%
2012201320142015201620172018201920202021202220232024
B C D E
34
Source: IHS Automotive
0
10
20
30
40
50
60
2012 2013 2014 2015 2016 2017 2018
2019 2020 2021 2022 2023 2024
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Portfolio Age
© 2017 IHS Markit. All Rights Reserved.
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
-
20
40
60
80
100
120
140
Milla
res
Ford Lincoln YOY
Mexico Light Vehicle Sales Ford Motor Company
0%
20%
40%
60%
80%
100%
2012201320142015201620172018201920202021202220232024
B D C E HVAN
35
Source: IHS Automotive
0
5
10
15
20
25
30
35
40
45
2012 2013 2014 2015 2016 2017 2018
2019 2020 2021 2022 2023 2024
0
1
2
3
4
5
6
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Portfolio Age
© 2017 IHS Markit. All Rights Reserved.
-20%
-10%
0%
10%
20%
30%
40%
50%
-
10
20
30
40
50
60
70
Milla
res
Mazda YOY
Mexico Light Vehicle Sales Mazda Motor Corporation
0%
20%
40%
60%
80%
100%
2012201320142015201620172018201920202021202220232024
C B D
36
Source: IHS Automotive
0
5
10
15
20
25
30
35
2012 2013 2014 2015 2016 2017 2018
2019 2020 2021 2022 2023 2024
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Portfolio Age
© 2017 IHS Markit. All Rights Reserved.
-10%
-5%
0%
5%
10%
15%
20%
25%
-
5
10
15
20
25
Milla
res
Mini BMW YOY
Mexico Light Vehicle Sales Bayerische Motoren Werke AG
0%
20%
40%
60%
80%
100%
2012201320142015201620172018201920202021202220232024
D C B E
37
Source: IHS Automotive
0
1
2
3
4
5
6
7
8
9
10
2012 2013 2014 2015 2016 2017 2018
2019 2020 2021 2022 2023 2024
0
1
2
3
4
5
6
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Portfolio Age
© 2017 IHS Markit. All Rights Reserved.
-10%
-5%
0%
5%
10%
15%
20%
-
5
10
15
20
25
Milla
res
Suzuki YOY
0%
20%
40%
60%
80%
100%
2012201320142015201620172018201920202021202220232024
B C D
Mexico Light Vehicle Sales
Suzuki
38
Source: IHS Automotive
0
1
2
3
4
5
6
7
8
9
10
2012 2013 2014 2015 2016 2017 2018
2019 2020 2021 2022 2023 2024
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Portfolio Age
© 2017 IHS Markit. All Rights Reserved.
-5%
0%
5%
10%
15%
20%
25%
-
5
10
15
20
25
Milla
res
Smart Mercedes-Benz YOY
0%
20%
40%
60%
80%
100%
2012201320142015201620172018201920202021202220232024
D C E A HVAN F
Mexico Light Vehicle Sales
Daimler AG
39
Source: IHS Automotive
0
2
4
6
8
10
12
14
2012 2013 2014 2015 2016 2017 2018
2019 2020 2021 2022 2023 2024
0
1
2
3
4
5
6
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Portfolio Age
© 2017 IHS Markit. All Rights Reserved.
-20%
-10%
0%
10%
20%
30%
40%
-
1
2
3
4
5
6
7
8
9
10
Milla
res
Peugeot YOY
0%
20%
40%
60%
80%
100%
2012201320142015201620172018201920202021202220232024
C B E D
Mexico Light Vehicle Sales
PSA
40
Source: IHS Automotive
0
1
2
3
4
5
6
2012 2013 2014 2015 2016 2017 2018
2019 2020 2021 2022 2023 2024
0
1
2
3
4
5
6
7
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Portfolio Age
© 2017 IHS Markit. All Rights Reserved.
• Global growth is re-centered around BRICs (primarily China)
• China gives way to electric vehicles, will they hybrids come to Mexico?
• Relevance of production for local market may gain traction given FX/NAFTA
• Mexico 2017 sales challenged by inflation, FX and financing
• Industry will grow at comparable pace to GDP
• SUV/CUV growth yes, but, primarily B-SUV due to new product influx
• Commercial Segments are ok (Vans/Pickups)
• Hyundai/Kia gain ground on SUVs and local product
Key Takeaways
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© 2017 IHS Markit. All Rights Reserved.
Thank you, Muito obrigado, Muchas gracias! Guido Vildozo, Senior Manager [email protected]
Christopher Hopson, Manager [email protected]
Roberto Barros, Senior Analyst [email protected] Joao Reboucas, Analyst [email protected]
Danny Blodgett, Analyst [email protected]
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