Argentina Autos Market Report Q1 2012

2011-12-07
Published : Dec-2011

Argentina has managed to overtake Mexico in BMI’s Risk-Reward Ratings for the autos industry in the Americas this quarter, primarily on the back of continued robust demand from Brazil and equally impressive domestic vehicle sales. Argentina’s autos association Adefa estimates that a 22.3% year-onyear (y-o-y) rise in vehicle exports during the first nine months of 2011 led to 23.2% y-o-y growth in vehicle production in the period. The market shifted 28.5% more cars during the nine-month period while sales of commercial vehicle were up almost 41%.

We are cautious that the country may not be able to maintain this position as Brazil seeks to protect local manufacturers with import restrictions and as domestic demand begins to weaken.

In total, we expect 15% growth in Argentine production to be followed by average growth of 8% y-o-y between 2012 and 2016. The momentum in domestic demand will be checked by cuts in government spending, prompting us to forecast average sales growth of just over 6.5% y-o-y between 2012 and 2016.

There are significant upside risks to these forecasts. We believe that the signing of the trade agreement between Mexico and Mercosur could help Argentina boost production competitiveness and help in the creation of an integrated autos production hub. The country has long been struggling to diversify its supplier base, which has often been a damper on new autos investment in the country.

Investments from international carmakers, while small, are encouraging. As recently as August 2011, France’s PSA Peugeot Citroën strengthened its commitment towards production in Argentina by announcing plans to spend an average of ARS300mn each year and add two new models to its plants in the country. The announcement came a month after China’s Chery Automobile revealed its plans to establish a new assembly plant in Argentina in partnership with locally based Socma Group.

There was optimism also in the motorcycles and the suppliers segments. In August 2011, Japan’s Honda Motor revealed it is looking to invest nearly US$3mn into motorcycle production in Argentina as it seeks to reduce its presence in Brazil and make Argentina a strategic base for motorcycle exports to the rest of the Americas. In October 2011, Pirelli revealed it will spend a total of US$500mn on expanding its truck tyre production in Argentina by 2014. These investments also bode well for the government’s plan to reduce the trade deficit in the autos sector, but a lot more needs to be done if Argentina is to catch up with its regional peers.

Executive Summary
SWOT Analysis
Argentina Autos Industry SWOT
Argentina Political SWOT
Argentina Economic SWOT
Argentina Business Environment SWOT
Global Overview
Industry Trend Analysis – Economic Woes Weigh On Car Demand
Developed Slowdown
Domestic Troubles
Slowdown: Blame It On Outsiders
Regional Overview
Industry News – Mexico-Mercosur Agreement Will Improve Region’s Standing
The Winners
No Answer To Brazilian Problem
Business Environment Ratings
BMI Ratings Update: Slowdown Fears Hurt Regional Scores
Can Brazil Catch Up?
Argentine-Mexican Rivalry
A Lonely Rising Star
Macroeconomic Forecast
Table: Argentina – Economic Activity
Industry Forecast Scenario
Domestic Sales
Table: Argentina Autos Sales By Segment – Historical Data And Forecasts
Production
Table: Argentina Autos Production By Segment – Historical Data And Forecasts
Trade
Table: Argentina – Autos Trade, Imports And Exports, 2009-2015
Economic Contribution
Table: Argentina Autos Sector Economic Contribution, 2008-2015
Table: Argentina – Vehicle Production, 2009-2010
Table: Argentina – Vehicle Sales (units), 2009-2010
Industry Developments
Passenger Vehicles – Forecast & Analysis
Table: Argentina Passenger Car Segment – Historical Data And Forecasts
Key Players
Table: Argentina – Vehicle Passenger Car Production, 2009-2010
Table: Argentina – Vehicle Sales (units), 2009- 2010
New Investments
Company News
Commercial Vehicles – Forecast & Analysis
Table: Argentina Commercial Vehicle Segment – Historical Data And Forecasts
Light Commercial Vehicles
Table: Argentina Light Commercial Vehicle Sales, 2009/2010
Table: Argentina Light Commercial Vehicle Production, 2009/2010
Heavy Commercial Vehicles
Table: Heavy Vehicle Sales, 2009/2010
Table: Argentina Heavy Commercial Vehicle Production By Manufacturer, 2002-2010 (CBUs)
Buses
Table: Argentina Bus Sales, 2007-2010
Table: Argentina Bus Production By Manufacturer, 2001-2009 (CBUs)
New Investment
Table: Argentine Fleet Renovation Plan
Motorcycles – Forecast & Analysis
Table: Argentine Motorcycle Demand Structure (2009)
Market Development
Suppliers – Analysis
Company Developments
Company Monitor
Audi Latin America: Small, But Promising
BRIC Strength
Company Profiles
Volkswagen (VW)
General Motors Company (GM)
Ford Motor
Peugeot Citroën Argentina (PCA)
Renault
BMI Methodology
How We Generate Our Industry Forecasts
Automobile Industry
Sources
Filed in: Automotive
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