Venezuela has hit an all time low in vehicle production, which fell to a 19,759 units representing a drop of 72.5%.

Government's currency control has tied auto makers from importing essential components for the production of vehicles.

Reuters cited automakers organization Cavenez as saying that sales of new cars fell 76% from 2013 to 23,707 units.

Some of the biggest automakers including Fiat Chrysler Automobiles, Ford, General Motors, Toyota, the Iveco unit of Italy's CNH Industrial NV, the Mack unit of Sweden's Volvo and Mitsubishi Motors all operate in Venezuela.

Some carmakers have suspended the production, while others have slowed output at times due to parts shortages, labor disputes and the national economic slowdown.

In the year 2007, car output in Venezuela is said to have reached a record 172,418 units.

Automobile is reportedly just one of the sectors affected by the hike on imports.