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Economy News
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May 31, 2007
Venezuela's January-May vehicle sales surge 54 pct

(Reuters) - "Venezuela's vehicle sales from January to May soared 54.3 percent from the same period last year, spurred by booming economic growth, the nation's automotive chamber said.

May sales reached 41,125 units, up 60.7 percent from sales of 25,592 the year before.

Vehicle sales for January to May reached 172,081 compared with 111,549 in the same period a year earlier, Venezuela's auto chamber Cavenez said.

The economy of Venezuela , the fourth-largest exporter of oil to the United States, grew 10.3 percent in 2006 on record-high crude prices.

President Hugo Chávez, who won a landslide reelection in December, has spurred economic growth through an anti-poverty crusade that has vastly increased government spending.

His government has also spurred car sales through a family vehicle program that exempts certain cars from the country's value added tax.

The figures represent total vehicle sales, including car models made by chamber non members, such as Mazda Motor Corp. and Volkswagen AG.

Companies affiliated with the chamber are DaimlerChrysler AG's, DaimlerChrysler de Venezuela, Fiat SpA's, Fiat Automobiles, Fiat affiliate IVECO Venezuela, Ford Motor Co., General Motors Corp.'s, General Motors de Venezuela, Mitsubishi Motors Corp.'s, MMC Automotriz and Toyota Motor Corp.'s and Toyota de Venezuela".

 
 
 
 
 
 
 
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