Vehicle production in Brazil rose by almost 30% in February, which was heavily bolstered by the production of trucks, which led the way with a 41.4% growth.
Production in the country rose by 29.9%, and was also driven by an increase in light vehicles (29.4%) and buses (31.6%), according to data from Trading Economics. Year-on-year, auto production was up by roughly 20%. The percentage in February is after an upwardly revised 11.6% gain in the previous month.
This follows recent announcements from Ford and General Motors who have made significant moves in auto production for the country. Ford, for example, is ending production of its commercial heavy truck business in South America, and General Motors said it is investing $2.7 billion in Sao Paulo, Brazil factories over the next five years, according to Reuters.