DOING BUSINESS IN LATIN

AMERICAUNDERSTANDING EMERGING

MARKETS – I II

TERM –III / GROUPASSIGNMENT- II

PGDM [2013 – 15]

BY:

JASKIRAT SINGH GHURA [DM15122]

MUDITA BHANDARI [DM15130]

PIYUSH ARORA [DM15135]

RISHI RAJ [DM15141]

SOOCHNA SAHU [DM15158]

TARINI .E [DM15163]

VISHAL GUPTA [DM15166]

VISHVENDER SINGH [DM15167]

MARKET

ANALYSIS OF

AUTOMOBILE

INDUSTRY IN

BRAZIL

Table of Contents

1. Introduction…………………………………………………..4

2. Basic Demographics and Economic Profile………………….5

3. Business Culture and Practices……………………………….6

i. Relationship and Communication Etiquette……………6

ii. Business Meeting Etiquette…………………………….7

4. PESTLE Analysis…………………………………………….7

5. Size of Market……………………………………………….9

6. Conducting Business…………………………………………9

i. Culture………………………………………………….9

ii. The Civil Code…………………………………………10

7. Structuring of Business………………………………………11

8. Distribution and Sales………………………………………..11

9. Barriers to Trade…………………………………………......13

10. Trade Assistance for Indian Firms………………...................14

11. Development of automobile industry in next 10 years………15

12. Recommendations……………………………………………15

13. References……………………………………………………16

INDRODUCTION

The Federative Republic of Brazil is the biggest economy in Latin America and is the fifth largest country in the world in terms of land mass and population with about 200 million people. During the past decade, the country has maintained macroeconomic policies that controlled

inflation and promoted economic growth. Inflation was at 6.5% in 2013, and urban unemployment reached a historic low of 6.0%. In 2011 and has since improved to a level of

5.03% in 2013. Due to rising inflation the Brazil’s Federal Bank increased the benchmark rate to 10.75% in Feb 2014.

There are few, if any, sectors in Brazil that do not have excellent short term opportunities.

Certain sectors of the Brazilian market have experienced higher than average growth, such as air transportation, telecoms, oil and gas, and mining. Under the second phase of the Growth Acceleration Program (PAC II), the Government of Brazil will spend R$955 billion (the

equivalent of around US$470 billion) in development of the country’s energy generation and distribution system, roads, railroads, ports, and airports as well as stadiums as it prepares for the

World Cup in 2014 and the Olympics in 2016.

The Brazilian national oil company Petrobras' expansion may represent the largest global business opportunity in the oil & gas sector until 2020. The oil deposits discovered in 2006 and

2007 are estimated to exceed 60 billion barrels, and could place Brazil among the world’s top ten oil-producing countries. Petrobras plans to invest $224 billion in exploration and development through 2015.

Brazil is one of the largest IT markets within the emerging economies. The largest share of spending will be on telecom equipment, representing 72% of the market, followed by IT services at 13.3% and computing hardware at 11.9%.

President Dilma Rousseff took over the reins of the country on 1st Jan 2011, and has since spent considerably on development of the country’s infrastructure which had been neglected over the past three decades.

The best way for identifying the demand of products like automobiles in a nation is to correctly estimate the current market size and future potential. Brazil is a developing economy with a large population. With rising prosperity, more and more Brazilians want individual mobility – and are

buying more and better cars. The car symbolizes a step up in society – so the demand for extravagant design and visible extras is rising.

According to estimations by Roland Berger Strategy Consultants, car sales in Brazil could double between 2010 and 2020 to 6.6 million vehicles. Brazil’s Gross National Income per

capita has increased 65% in the last 9 years. Continued individual wealth will fuel increased car sales in total and in core urban segments where most of the wealth is concentrated The

consumption habits of Brazilian car buyers are also changing the structure of offerings. For decades Brazil was a market for outdated car technology (compared to industrialized countries) aligned more to the needs of a developing country. But quality, not quantity, is also important in

the low-price segment in Brazil. At least 6 out of 10 registered cars in Brazil are small or midsized. People want value for money but up-to-date technology. India has also for years been

in the same situation and has been able to produce a number of such mid-sized vehicles indigenously very cost-effectively.

The growth in the automobile sector in Brazil is mainly driven by four factors. The first driver is constant demand for vehicles that are fuel efficient. The second one is the environmental

regulations imposed for low CO2 emissions. Third driver is the increase in demand for hybrid and electric vehicles; this has made automakers' focus more to light-weight Composite Materials as an alternative for iron and heavier steel in all categories of vehicles. Fourthly, new models

have been introduced with more varied usage of composites during the period 2015-2020.

BASIC DEMOGRAPHICS AND ECONOMIC PROFILE OF BRAZIL.

Like India, Brazil also consists of a very diverse population. Brazilians trace their origin from

mainly four sources Amerindians, Europeans, Africans and Asians.

The population of Brazil consists of 201,009,622 (July 2013 est.) people with a sex ratio of 0.98

males per female. About 43% of the population is in the age bracket of 25-54years with a median

age of 30.3 years. The population growth rate is of 0.83 % (July estd.).The main reason for

slowing population rate is the declining fertility since the 1960’s. Also Brazil has not been able

to take full advantage of its working age population to develop human capital and strengthen its

social and economic institutions. The current favorable age structure will begin to shift around

2025 and the elderly will start composing an increasing share of the total population.

Over 90% percent of the population in Brazil is literate and about the urban population consists

of about 87%. The major cities in Brazil are Sao Paulo, Rio de Janerio, Belo Horizonte, Porto

Alegre and their capital Brasilia. The GDP in Brazil was US $2.435 trillion in 2012 and

represents 3.93% of the world economy. The GDP of Brazil increased by around 1% in 2012 and

has approximately grown by 3.5 % in 2013.

Brazil experienced two quarters of recession, as global demand for Brazil's commodity-based

exports decreased and external credit dried up. However, Brazil was one of the first emerging

markets to begin a recovery.

The Gross Domestic Product per capita in Brazil around at 10200 US dollars in 2012, when

adjusted by purchasing power parity (PPP).

The GDP generated by Service sector is the maximum at 68.5, followed by the industry at 26.3%

and the agriculture sector by 5.2%. Brazil is still one of the closed economies when compared to other emerging economies- total exports and imports account for about 15 percent of GDP, despite it being the largest exporter of sugar, coffee, poultry and beef.

BUSINESS CULTURE AND PRACTICES

Problem Solving Problems are revealed with reluctance and saving face is paramount in

dealing with them. “Jeitinho,” the way around, is the solution.

Motivating People Public praise and positive feedback, building strong, personal

relationships and creating a pleasant work environment are key.

Appraising Performance Informal, one-on-one, gentle and face-saving. Minimize criticism and

lavish praise. The criticism will still be heard.

Performance Expectations

Subordinates are expected to show respect and supervisors are

expected to take care of and guide their employees. Personal initiative

is not expected, as that is the supervisor’s job.

Negotiating, Persuading Prolonged negotiations with a great deal of haggling and exaggeration,

but with concern for the affect it will have on the parties involved.

Little direct disagreement. Intense eye contact.

Decision Making Process Decisions are made at the top. The process is highly authoritarian. Mid-

level managers do not easily make decisions.

Participation in Meetings May start late. Dress is formal but atmosphere is informal. Initial

chitchat, frequent interruptions are expected. Agenda is flexible and

participation is generally spontaneous.

Superior/Subordinate

Relationships

Paternalistic and authoritarian. Employees expect to be taken care of;

managers expect to be respected.

Hiring/Dismissal

Hiring is often nepotistic. Personal relationship and the way the

individual fits into the group or that person’s group connections are

often primary criteria.

Customer Relations Customers are treated as friends or part of an extended family. Time

and money spent on keeping the relationship strong.

Greetings in a formal

situation

Handshakes are most common form of greeting between business

colleagues. In informal situations, women generally kiss each other on

the cheek and men briefly embrace.

Meetings Brazilians prefer face-to-face or oral meetings rather than written

communication as it gives them an opportunity to know who they are

working with

PESTLE ANALYSIS

Politics

Problems of shortage of food supply, increasing domestic demand and prices with lower

GDP growth has impacted in high inflation rate.

High dependence on monetary policy is shown by interest rate down from 12% in August

2011 to 10.7% in January 2014.

Widespread corruption in government regulatory bodies

Focuses on energy, logistics, social and urban projects to facilitate 2014 World Cup and 2016 Olympic games

Economics

The GDP per capita $12789, Exports in 2012 $201,9 bn- Main exports: manufactured goods, iron ore, coffee, orange and other agricultural produce- It’s main export partners

are China, US and Argentina

Composition of the Economy: Services 64%, Agriculture 8%, Industry 28%.

The government expenditure in Brazil is very high due to which the tax burden on the people is very high i.e. 38% of GDP, the highest in emerging world. This heavy load of

personal and corporate tax on a poor country means that businesses do not have the ability to invest in technology or training.

Social

Increasing proportion of middle class will increase consumer demand: High Class 11%

Formal middle class 17%; Informal middle class 50%; Lower class 22%.

20% of the population is still illiterate

Standard of living is low

Fall behind other developing economies like China and Russia- As a result many

companies are reluctant to invest in Brazil’s economy

Legal

The Civil Code- Companies become corporate entities with separate legal personality.

Legislation varies across states and therefore increases complexity and compliance costs.

It takes 120 days to start a business in Brazil

Environmental

There are policies for protecting the environment by stopping deforestation and drastically reducing emission

Industries are compelled to follow eco-friendly combustion technique

Signed pacts with developed countries to jointly develop the Amazon basin and alleviate

deforestation by unwanted setters

Brazil is one of the largest emitters of greenhouse gases.

SIZE OF THE MARKET

In the future, Fiat, VW, GM and Ford will see their dominance begin to crumble. Together, the four leaders accounted for an 84% share of Brazilian car production in 2007 but their market

share is squeezing. On one side their global rivals Kia, Hyundai, Honda, Nissan and BMW are stepping up the pressure with new vehicle ranges as a response to the wishes of better-heeled car

buyers. On the other side, new providers are entering the market, such as the Chinese firms Chery, Geely, JAC and Hafei, and Indian firms Tata and Mahindra. Trim, design and marketing are the determining competitive factors – as well as the price.

In Brazil there are about 250 cars per thousand people, which is less than half the figure in

Europe and a third of that in US. Acc. to one of the lead manufacture Nissan, by 2015 Brazil will

overtake Japan as the third largest Auto Market after US and China.

The Brazilian automotive industry has 80% of market share in total automotive industry in South

America. It represents 5 % of the Brazilian GDP. The global position of Brazil in automotive

market is 4th. OEM manufacturer is preferred in the country due to high import cost involved. In

an average there are 7 different taxes levied on the imports/ exports of vehicles or automotive

products to Brazil. Due to the prevailing high import tariff major automotive players are

involved in expanding their operations through Joint Venture with the local companies.

According to the estimations made by Roland Berger Strategy Consultants, Car sales in Brazil

are expected to double to 6.6 million between 2010 and 2020.

In the coming years, to promote the growth of the automotive industry the government has

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

1828000

2210000

2531000

2611000

2971000

3,220,475

3,182,617

3,648,358

3,406,150

3,342,617

Size of Automobile Industry

Production Year

undertaken many steps:

IPI was lowered: The IPI tax was lowered by the government in May 2012.

Municipalities, state or governmental agencies got an IPI exemption while buying scholar buses

and vehicles.

7.9 billion Is invested by the government in new vehicles, out of which 2.2 billion would be in

new trucks.

The Brazilian’s automotive sector’s growth is based on three fundamental factors:

Economic Development:

Increase in the spendable income

Major constructions and events.

Major Foreign car manufacturers prevailing in Brazil: The top four players have a share

of approximately 70% in total share.

Brand Country of origin Market share (in %)

FIAT Italy 22.02

Volkswagen Germany 20.39

General Motors USA 18.45

Ford USA 9.17

Renault France 5.67

Honda Japan 3.73

Toyota Japan 3.01

Nissan Japan 2.90

Reference: ANFAVEA

CONDUCTING BUSINESS

Brazil is the second largest developing country and largest in Latin America. For conducting

business in Brazil first one has got to perceive the culture of the country.

Culture

The Brazilian culture is one among the world’s most varied and diverse. This is often as a result

of its being a melting pot of nationalities, as a result of centuries of European domination as well

as slavery that brought hordes of African migrants across Brazil’s borders to measure in and

influence the native cultures with their ancient customs and ideas. The European settlers

conjointly brought concepts, innovations and belief systems with them, shaping the native

societies considerably. All of those totally different influences have meant that the modern

Brazilian culture is exclusive and really advanced.

Brazilians, as a nation, focus a lot of importance on the family structure and also the values that

are entrenched among that establishment. Families are typically large, and even extended family

members are close with each other, providing much-needed help and support to every alternative

whenever and but necessary.

Class distinctions are typically created based on the number of cash one has and also the color of

one’s skin. Darker ethnicities tend to be deprived. the large variations in wage brackets is liable

for several of the disagreements and conditions of the Brazilian locals, with the higher categories

rarely interacting with those at the lower finish of the economic or category scale. Ladies are

typically utilized within the lower-paid positions, like teaching and nursing.

Brazilians are typically rather warm, tactile folks. Men greet with each other, whereas ladies can

kiss every other’s cheeks in acknowledgment. They’re going to begin with the left cheek then

kiss the correct. In business relationships, Brazilian businessmen can typically get to understand

each other before committing to long-run business dealings, as they require understanding those

with whom they deal.

To set up a business in Brazil one has got to bear a number of laws.

The Civil Code

The Civil Code states that firms become company entities with separate legal temperament from

their owners once registered with trade boards (‘juntas comerciais’).

Other kinds of association, like consortia, must also be registered with trade boards however

these don't have their own legal temperament.

Creditors typically cannot seize partners’ assets to pay a company’s debts. However, the New

Brazilian Civil Code (NBCC) states that creditors will ‘lift the company veil’ if there has been an

abuse of legal temperament by disrespecting the company’s functions or if the company’s assets

square measure indistinguishable from those of its partners.

The most common form of company is that the corporation (SA) and limited liability quota firms

(‘limitadas’) as a result of shareholders get pleasure from indebtedness.

Structuring of Business

Foreign investors could enter the Brazilian market directly – through a branch or a subsidiary –

or through third parties by means that of distribution and sales illustration activities.

Distribution and sales representation are, in most cases, value saving in comparison with the

incorporation of a neighborhood branch or subsidiary. However, these alternatives could mean

an absence of management for foreign investors over the representation third parties distribute or

sell their merchandise in Brazil or traumatize their trademarks. Each distribution and sales

representation activity should be ruled by written agreements to be entered into between foreign

investors and native third parties. Also the companies should register their trademarks with the

National Intellectual Property institute.(‘Instituto Nacional public prosecutor Propriedade

Industrial’ / INPI).

Distribution & Sales

The New Brazilian Civil Code (NBCC - Law 10,406/02) introduced relevant rules to distribution and agency activities.

Distribution and agency activities are very similar. The difference, according to the NBCC, is that under distribution activities the distributor possesses the products that are the object of such

activity.

Distribution Activities

Before the NBCC was enacted, agreements on distribution activities were freely regulated by the

parties and ruled by the overall provisions of the previous Brazilian Civil Code associated with

written agreement problems. In fact, solely automotive vehicles and parts’ distribution was

regulated by a selected law (Law 6,729/79 additional amended by Law 8,132/90).

Under a contract, a personal or associate entity becomes committed to do business on behalf of

another party (the manufacturer of the product to be distributed) during a selected area for a

selected remuneration, not on a fitful basis associated without an employment bond. It’s

suggested that distribution agreements define thoroughly their object (description of the product

involved), the exclusive sales territory, length of the agreement, purchase obligations, advertising

problems and also the accredited use of any emblems concerned. Consistent to the Norwegian-

Brazilian Chamber of Commerce (NBCC), if the term (duration) of the agreement isn't formally

established, it shall be thought-about as undetermined and its termination would need a 90-day

previous notice.

Sales Representation

Differing from distribution arrangements, sales representation is governed by a specific law

(Law four, 886/65 additional amended by Law 8,420/92), and in an exceedingly supplementary

method by the general provisions of the NBCC that are applicable to written agreement issues.

When proposed deals are closed between the client and the depicted party, the sales

representative becomes entitled to a fee that's typically based on the worth of sold product.

These sales activities should even be formalized by written agreements. Special care must be

taken once drafting a sales representation agreement so as to avoid the characterization of labor

relationship between contracting parties, or a permanent establishment of the foreign represented

party.

Branches

The formation of a branch needs prior approval from the central by means of a presidential

decree that could be a terribly prolonged method. The federal government should conjointly

authorize any amendments to the branch’s articles of incorporation. The corporate should

develop its activities within twelve months of the publication of the authorization. If not, then the

authorization will expire mechanically. Moreover, the govt. could cancel the authorization if

company} breaches public policy or acts outside its corporate functions. The facility to grant

authorizations could also be delegated. Currently, authorizations are issued by the ministry of

development, trade and commerce.

Unless the parent company isn't a business company, such as an association, it should allocate

capital to the branch workplace.

Different from a subsidiary, the branch is in theory thought of an extension of the foreign entity

in Brazil. In this sense, the branch’s foreign parent company could have unlimited liability for its

debts.

It is important to bear in mind that a branch is subject to Brazilian law and courts with regards to

its business and transactions disbursed in Brazil.

In order to line up a branch in Brazil, foreign parent corporations should first apply to the federal

office of Trade Boards. The President will, by decree, offer the government’s approval for

incorporation.

BARRIERS TO TRADE

Brazil ranked 130 out of 183 countries within the World Bank’s 2012 Doing Business Report.

Exporters to Brazil face challenges. As Brazil has enforced the Federative Republic of Brazil

Major (Greater Brazil) set up, we have seen an increase in trade protections like tax breaks to

benefit native manufacturers, enhanced tariffs, and native content needs. Firms could face market

access challenges in Brazil over many years, like increasing pressures on the govt. of Brazil to

lift tariffs and impose non-tariff barriers. Brazil’s “Buy Brazil” policy is one such live.

In the auto Sector, Non Tax Barriers take several forms, from the apparent (different technical

regulations) to the less thus obvious (currency manipulation or perhaps revenue enhancement

audits).

But the Taxes are one among the main barriers to trade with Brazil. In automobile sectors to push

the native manufacturers and setting up the trade a high tax is levied on the automobile imports.

So Exports of Automobile elements from different countries to Brazil is high than the vehicle s

itself. The main Import tax is levied and is explained.

Import Taxes

Import tax is levied on the CIF (Cost, Insurance and freight) value. the speed depends on the

degree essentially and is outlined by the product‘s tax code in step with the harmonious System.

Taxes on the importation are levied on high of 1 another, as follows:

i. Import tax is applied to the CIF value (FOB (Free on Board) value and insurance and freight).

ii. Industrialized Product tax (IPI) is levied on the whole of (i) above (CIF value and import tax).

iii. PIS and COFINS (Social Service Taxes) are applied to the whole of (ii) on top of (CIF value,

import tax, and IPI) and ICMS due on imports and also the contributions are enclosed in their

own basis.

iv. ICMS is applied to the whole of (ii) above (CIF value, import tax, IPI) and PIS, COFINS and

ICMS is enclosed in its own basis. Import tax (II) could be a value to the corporate (not

recoverable). ICMS, IPI, PIS and COFINS paid on imports are typically worthy.

TRADE ASSISTANCE FOR INDIAN FIRMS

Both of the Countries are major Drivers of BRICS nation and square measure quick developing.

The trade between the two is increasing with the help of relaxation of regulation completely

revised to suit each the nations. The automobile trade of India though is not a lot of benefited

however in term of trade.

Other Industries mainly Pharmaceutical and Agricultural have been given special help by

Brazilian Government by giving rebate to the duty on the merchandise imported from India.

Also the trade between two countries is often done in native currencies, which provide another

edge to the businesses.

Brazil and India have co-operated in the multi-level concerns such as international trade and

development, environment, reform of the UN and the UNSC expansion. In recent years, relations

between Brazil and India have grown considerably and co-operation between the two countries

has been extended to such different areas as science and technology, pharmaceuticals and space.

The two-way trade in 2007 nearly tripled to US$ 3.12 billion from US$ 1.2 billion in 2004.

In 2006, Tata Motors entered the Brazilian Market. Tata Motors formed a Joint venture with

Marcopolo Bus, to manufacture fully built buses and coaches.

Also, In 2008 Mahindra & Mahindra Tractors started manufacturing Tractors in Brazil with the

help of sales and distribution network set by Baramount (Brazil). Also in 2013 Mahindra

launched its range of Scorpio SUV cars in the Brazilian market space.

In 2013 during the sixth summit of the Brazil-India Bilateral meeting Ministers expect

exchanged notes on the approval of the bilateral Agreement on Joint Assistance on Customs

Matters, which has braced cooperation between customs authorities. This in future will

contribute to the expansion of trade flows and will ensure the security of logistic chains, and this

will give the Automobile Industry an support to open up trade more efficiently and effectively.

Also there are Free Trade Areas in Brazil:

There are four Free trade areas in Brazil.

1. Manaus Industrial Pole in Amazonas

2. Macapa/Santana Trade free zone in Amapa

3. Tibatinga Trade free area in Amazonas

4. Gujara-mirim Trade free area in Rondonia

Government initiated this by offering incentives to people on

1. Corporate Tax Reduction

2. Import Tax Reduction and Exemption

3. Value Added tax Exemption

4. Export Tax exemption

Corporate taxes were reduced up to 75% till 2013. Excise Tax was exempted on eligible foreign

Goods which were utilized within this regions.

DEVELOPMENT OF AUTOMOBILE INDUSTRY IN NEXT 10 YEARS Established OEMs will be forced to face up to new market requirements and competitors with better models, a sales strategy that stands out, and cheaper production.

The new entrants should look at:

the right product mix,

the right pricing,

worthwhile investment in new production capacity

Optimal sales strategy

market entry and product strategies,

location choice and cost efficiency,

Rapidly rising factor costs.

There are no easy answers.

The stable growth dynamics of Brazil should lead international carmakers and their suppliers

to review their setup in Brazil and South America. And not only that: The country is also

taking on a new role in the global industrial network and a new position among up-and

coming industrial and car nations.

Recommendations:

1.To foster individual mobility the cost of ownership need to be reduced – i.e. high production

cost, high financing cost and tax burden needs to be reduced.

2. High initiatives need to be taken regarding TCO reduction: A 10% reduction in TCO would

make automotive market accessible for nearly 8m households. More initiative should be taken to

promote fleet renewal programs undertaken by the government.

3. Brazilian transportation infrastructure needs to be improved as it is one of the worst in the

world. There is a huge scope for potential for growth if we Brazil could improve its

transportation infrastructure.

4. Proper future automotive agenda needs to be defined. There is a need to develop a national

automotive agenda between the industry and the government with a clear strategy and vision.

5. The future energy and powertrain mix in Brazil needs to be developed.

6. The huge fluctuations prevailing in the form of shifting policies have made it hard for the

automakers to take and implement long term decisions.

7. The sales services and Brazilian products need to be aligned optimally with current and future

expectations of customer in terms of design, quality, affordability and functionality.

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