LatAm Transport and Capital Goods Daily Take-Off: RENT, MOVI, CPA, VLRS, MOTV

研报英文原文证据摘录

LatAm Transport and Capital Goods Daily Take-Off: RENT, MOVI, CPA, VLRS, MOTV

Global Research

31 July 2026ab

LatAm Transport and Capital Goods Equities

Latin AmericaDaily Take-Off: RENT, MOVI, CPA, VLRS, MOTV

Industrial

Alberto Valerio

BZ Car Rentals: Average new-car price in Brazil posts the first real decline in six Analyst

years, down 1.5% in 2026 alberto.valerio@ubs.com

According to G1, a Bright Consulting study shows the average suggested new-car +55-11-2767 6918

price rose 1.4% nominally in 2026, to R$166.9k, below the 3.18% accumulated Andressa Varotto

inflation (a 1.5% real decline, the first in six years, decelerating from +5.5% last Analyst

year), with Chinese entrants named as the main driver forcing incumbents to cut andressa.varotto@ubs.com

margins. The decline is sharper at the dealer: the transaction price fell 3.5% in +55-11-2767 6654

2026, from R$157.6k to R$152.1k. They also highlight a gap of almost R$15k Rafael Simonetti

between list prices and the final price registered at receipts which is sustained by Associate Analyst

factory bonuses, higher trade-in values and financing-rate cuts to clear inventories; rafael.simonetti@ubs.com

vehicle-loan rates of 18-22% per year still cap volumes, with about 60% of sales +55-11-2767 6628

credit-dependent. Potential Impact: Slightly negative for Localiza and Movida, as

the first real new-car price decline in six years hardens the Chinese-wave pressure

on residual values at the center of the depreciation debate, outweighing the fleet-

capex relief.

LatAm Airlines: BNDES approves R$13.2bn in credit lines for Brazilian carriers

According to Estadão, BNDES president Aloizio Mercadante announced on Thursday

the release of R$13.2bn for Gol, Latam, Azul and regional carrier Abaeté, of which