Venezuela automotive sector sees recovery with 40 new brands

The Venezuelan automotive sector is experiencing a recovery trend, characterized by the sustained sale of thousands of units and the entry of approximately 40 new vehicle brands into the market. According to Omar Bautista, president of the Chamber of Venezuelan Automotive Product Manufacturers (Favenpa), this growth is supported by improved socioeconomic conditions and increased access to financing.

Favenpa has set a strategic goal to reach historical sales levels of 100,000 vehicles annually. To achieve this, the organization aims to increase production capacity and strengthen the national industry for parts and components. The guild is currently participating in working groups with the ministries of Industry and National Commerce, Economy and Finance, and International Trade to secure conditions that sustain this upward trend.