Since September 2020, the Argentinian government has applied a new tax base for internal taxes on 0km cars, where the seller has registered as the first owner in order to meet dealership sales targets, with these subsequently sold to customers, who become the second official owner and generally benefit from a discounted price. Government raises tax on luxury cars in Argentina Investors are looking for alternatives to take advantage of the Argentine exchange gap and the automotive market is one of the stars in terms of opportunities. Luxury cars in Argentina saw a promising performance in 2021, growing significantly compared to a disastrous 2020 however, the double-digit increase is not enough to return to pre-pandemic sales levels. The Toronto-Dominion Bank and its affiliates and related entities that comprise the TD Bank Group are not liable for any errors or omissions in the information, analysis or views contained in this report, or for any loss or damage suffered.2021 DEVELOPMENTS Improved performance but still below 2019 levels The actual outcome may be materially different. These are based on certain assumptions and other factors, and are subject to inherent risks and uncertainties. This report contains economic analysis and views, including about future economic and financial markets performance. The information contained in this report has been drawn from sources believed to be reliable, but is not guaranteed to be accurate or complete. The report does not provide material information about the business and affairs of TD Bank Group and the members of TD Economics are not spokespersons for TD Bank Group with respect to its business and affairs. This material is not intended to be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities and should not be considered specific legal, investment or tax advice. The views and opinions expressed may change at any time based on market or other conditions and may not come to pass. It is for informational and educational purposes only as of the date of writing, and may not be appropriate for other purposes. With ample pent-up demand in the market, sales should trend higher through the second half of the year, but there is plenty of room for missteps along the way. Lastly, financing conditions continue to tighten as the Fed raises interest rates to combat inflation. Meanwhile, consumer buying power is being eroded by a multi-decade high in inflation. Inventories are stuck at historically low levels as production continues to be constrained by supply chain problems.
#Argen auto sales full
May's setback is doubly disappointing as the outlook for the rest of the year is full of economic headwinds.For vehicle sales growth to come in flat on a quarter-over-quarter basis, June sales would have to clock in at 15.2 million units – a rate not seen since last June's 15.5 million print and 11.8% above May's level. Average sales through the first two months of the quarter are now 13.6 million units, 3.9% below Q1's average of 14.1 million. Well, the May print sure is a disappointment.The light trucks segment accounted for 78.8% of sales in May, up 2.1 percentages point from its share a year ago. Passenger vehicles (-11.8% m/m) saw a smaller pullback than light trucks (-12.7% m/m).Year-to-date volumes are still down 19.3% relative to 2021. Unadjusted volumes totaled 1.1 million in May, 29.6% below year ago levels.The consensus forecast was expecting a pull-back to 13.7 million, so this represents a significant underperformance. U.S vehicle sales fell 12.6% month-on-month (m/m) in May, pulling back to 12.7 million (SAAR) units (from 14.5 million in April).
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