Argentina sets record for auto production
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[January 06, 2009]

Argentina sets record for auto production

(EFE Ingles Via Acquire Media NewsEdge) Buenos Aires, Jan 6 (EFE).- The Argentine plants of multinational automakers produced a record 597,086 vehicles in 2008, but output dipped sharply last month along with sales amid the global economic slowdown.



Vehicle production rose last year by 9.6 percent compared with 2007, the ADEFA industry association said in a report issued Tuesday.

In December, however, output fell to 26,716 vehicles, down 37.5 percent from the previous month and 47.3 percent from December 2007, ADEFA said.



Argentine vehicle exports grew last year by 11 percent, to 351,092 units, but foreign sales plunged 41.7 percent last month compared with November. ADEFA said that Brazil was the biggest customer for cars and trucks made in Argentina, accounting for more than 71 percent of the total

Automakers led the recovery of Argentina's manufacturing sector after the country's 2001-2002 economic depression.

The Argentine government moved last month to shore up the industry by underwriting low-interest loans for purchases of domestically manufactured vehicles. EFE

nk/dr

Copyright ? 2009 EFE News Services (U.S.) Inc.

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