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59 AutoData | October 2018 the most during the crisis. When other manufacturers stopped selling models at this range Honda gained market because the company remained stable. We didn’t have a significant decrease during the crisis: so, on the other hand, we will not live the recovery atmosphere”. In numbers, this means something close to 136 thousand Honda units sold in Brazil. For 2019, Mizoguchi projects total market growth of one digit compared to 2018: “I do not believe it will reach double digits”. For him, “next year will really depend on the consequences of the elections and the external Closing 2018 Market company From 0% to 5% Production company From 0% to 5% movement, but I believe that the situation should stabilize after the election, with a slightly better exchange rate than the one we have”. Anyway, he says, “Unless the future president does something very extreme in the economy, Brazil will have a great possibility to keep growing.” Honda understands that an intern market of about 4 million units will only be repeated around 2024 or 2025 in Brazil. For the current moment, the situation in Argentina worries the president of Honda: “The total Brazilian production may be slightly lower in 2019 due to the decrease in exports. The crisis in Argentina affects here (Brazil) too because if they produce less there, we will also export less”. In the private Honda universe, 2019 will be an important year because the production transfer from Sumaré to Itirapina (both in the countryside of São Paulo) starts in January- the whole process continues until 2020. According to Mizoguchi, the moving will not bring additional production levels, but on the other hand, even with the inherent complexity, it will not reduce manufacturing volumes either. Export company Increase of 40% Total production may be a little lower in 2019, due to the decrease in exports. Issao Mizoguchi

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