Daimler AG said it expects demand for trucks and buses in Brazil to plunge as much as 50 percent this year as the crisis in South America’s largest economy gets worse.
The market in Brazil, struggling to overcome a crippling recession, will need one to three years to return to growth, Wolfgang Bernhard, head of Daimler’s commercial-vehicle unit, said at the Hamburg club of business journalists late Thursday.
“We expect to continue hibernating,” Bernhard said. Industrywide truck sales plunged 44 percent in the first half of the year, the Stuttgart, Germany-based company said in August. Brazil is one of several markets in which “there’s a strong, very cold headwind,” he said.