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Auto industry gets $1.8 billion credit line in Sao Paulo

(Xinhua)
Updated: 2008-11-12 11:19

RIO DE JANEIRO -- Governor of Brazil's Sao Paulo State Jose Serra announced on Tuesday a four billion reais ($1.8 billion) credit line for the auto industry to help it counter the global financial crisis.

The money will be provided by state-owned bank Nossa Caixa. The auto companies will have 18 months to pay their loans.

With the extra credit, automakers will be able to pay less interest rates and offer long-term purchase plans.

Last week, Brazil's federal government announced a 4 billion reais ($1.8 billion) aid to the auto industry.

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According to the Brazilian National Association of Manufacturers (Anfavea), the credit is essential to the development of the auto industry, as 70 percent of all auto sales in Brazil are financed.

Before the international financial crisis, the Brazilian auto industry was in a good situation: Brazilians could pay for a car in installments extended up to 72 months, and sales hit several consecutive record-high figures.

In October, due to the impact of the world financial crisis, car sales fell 11 percent compared to September, and 2.1 percent compared to October 2007.

Several automakers have been forced to reduce their production because of the reduction in demand.

The trend is not exclusive to Brazil: all major automakers around the world are suffering the impact of the financial crisis, and several registered substantial losses in the third quarter of 2008.