El Universal reported that the Venezuelan automotive industry continues to face a serious crisis. Despite growth forecasts earlier this year, the stagnation of the sector was confirmed in 2011.

Up to November 2011, 96,039 units have been assembled, 2.02% less than in January to November 2010 period. Some car assemblers believe that in the best case scenario, this year they will reach the 104,000 units that were produced in 2010.

If the projection is confirmed, 2011 would be the fourth consecutive year of decline for the car manufacturing industry in Venezuela. An assessment of the figures provided by the Venezuelan Automotive Chamber shows that in just four years, the domestic production of cars has fallen 40%.

In 2007, the last year of growth for car assemblers, the seven automakers operating in the country assembled 172,418 cars. Since then, the decline has not stopped, with 135,042 units in 2008, 111,554 in 2009, and 104,357 in 2010, a figure that could be repeated this year.

(Sourced from www.eluniversal.com)