Venezuela remains in economic recession due to political crises, sparking widespread protests in the country thatchallenge the current government's power. The Maduro regime is under international pressure, while new US sanctions cut themajor source of revenue from the oil industry, widening the fiscal deficit even further. The country's economic downturn willdamage the already struggling automotive industry and we reiterate our bearish forecast for both vehicle sales and production inthe country. The automotive sector is heading to the bottom and there is little potential for improvement.
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