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Auto sales in August rose 15% from July and 28% from a year earlier to an all-time high of 420,080 units, the National Association of Motor Vehicle Manufacturers, or Anfavea, said Thursday.
Production rose 1% last month from August 2011, reaching a record 329,266 vehicles, while auto exports fell 3.5% from a year earlier to $1.42 billion, Anfavea said.
Brazil reduced auto taxes in May after slowing economic growth and tighter auto credit led to a drop in sales. The tax breaks were set to expire at the end of August, spurring the jump in last month's sales, but the government decided last week to extend the breaks for another two months.
"The reduction of the IPI [tax] has a multiplier effect on the economy," Anfavea President Cledorvino Belini said at a press conference, adding that the auto sector accounts for 23% of Brazil's industrial output and 200,000 jobs.

Still no change to ITRN's stock price lately.

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