Ferrari is to the world what Toyota is to Venezuela

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Venezuela is considered a single-product economy at which petroleum represents the 97.8% of Venezuelan exportations; therefore, Venezuelan economy is highly dependent on the oil market. This high dependency is caused by the lack of incentives from the government to expand the production spectrum of Venezuela´s economy, plus the implementation of a currency exchange control since 2003. As a result of the country´s singular production, and the limited and scarce internal production of goods besides oil, Venezuela depends on importations to supply most of the goods needed by the population. Furthermore, because the Oil industry is managed completely by the government through the state-owned company PDVSA (Petróleos de Venezuela S.A.), the supply of dollars is provided mostly by the state.
Many sectors of production has been affected tremendously because of the strict regulations implemented by the government to import and export, in addition to the bureaucracy required to obtain dollars in order to fulfil international trading.
One of the most affected and damaged markets is the automotive market because it has lost production capacity as a result of difficulties such as obtaining dollars to buy auto´s parts, shipping the parts to Venezuela and then assembling the vehicles within the country. In addition to these problems, a law called “Luxury Law” approved in 2010, closed the Venezuelan market to imported cars, presenting the excuse that trading cars with other countries would destroy the internal production; consequently, Ford Motors Company, General Motors of Venezuela, Toyota de Venezuela, Mazda de Venezuela, Hyundai Motors Corp, Mitsubishi Venezuela, Chrysler Venezuela, Venirauto Industry, Chery Venezuela, Renault de Venezuela,...

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...3 Bs. /$ valid at that time). Today, a new Toyota 4Runner is Bs.1, 550,000.00 ($246,031.75 at the current fixed rate of 6.3 Bs. /$). As if it were not enough, official dealers sell their small quota of new cars to used-car-dealer owners who sell new cars as if they were used in order to escape the regulation. These corrupt dealers with the cooperation of official dealers and members of the government set outrageous prices to vehicles. The corrupt model of trading affects the consumer tremendously who won´t pay $246,031.75 for a 2013 Toyota 4Runner anymore, because that car is sold out at official dealers; therefore, the consumer has to migrate to the second-hand car´s market at which a 2013 Toyota 4Runner price is Bs. 5,100,000.00 ($809,523.81). Internationally, $809,523.81 is enough to buy two Ferraris and even to keep the change to put gas for a couple of years.
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