Government announces end of zero car program with discount, and estimates 125,000 vehicles sold

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In all, R$ 650 million of the R$ 800 million foreseen for new cars were released; The remaining R$150 million will be used to compensate for the loss of tax revenue. Discount continues for buses and trucks. The government announced this Friday (7) the end of the discount program for popular cars, with the release of all resources made available to automakers. The government estimate is that 125,000 vehicles have been sold. The initiative continues for the purchase of trucks, buses and vans. Discounts ranged from R$2,000 to R$8,000 for small cars, with a total value of up to R$120,000. In all, R$ 650 million of the R$ 800 million foreseen in discounts for zero popular cars were released. The remaining R$ 150 million will be used to compensate for the loss of tax collection caused by the discount on the final price of vehicles. The information was released by the vice president and minister of Development, Industry and Foreign Trade, Geraldo Alckmin, in an interview with journalists. According to the ministry, the program “gave breath to the automotive chain”. Earlier this Friday, the Minister of Finance, Fernando Haddad, had already said that there was no more “fiscal space” for expanding the program. “This requires compensation and we are reaching a point, in the middle of the year, when there is no more fiscal space for this,” he declared. Data by assembler According to the government, most of the discounts were granted by the assembler Fiat, followed by Volkswagen and Renault. See the list below: FCA Fiat Chrysler: R$230 million Volkswagen: R$100 million Renault: R$90 million Hyundai: R$80 million GM: R$50 million Peugeot Citroen: R$50 million Nissan: R$20 million Toyota: R$ 20 million Honda: R$ 20 million Design of the program In total, the program released R$ 1.8 billion to lower the price of new cars, mainly popular cars and less polluting truck and bus fleets. The program’s initial design provided for BRL 1.5 billion, but, on the 30th, the government released another BRL 300 million, with funds from the partial resumption of taxes on diesel. Resources were distributed as follows: R$ 800 million for popular cars; R$ 700 million for trucks; R$ 300 million for vans and buses. When launching the program, at the beginning of June, the government announced that the source of the resources was the re-encumbrance of diesel by R$ 0.11 starting in September. Additional resources of R$ 300 million, in turn, came from the increase in taxes by another R$ 0.03 per liter of diesel, starting in October.

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