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Cuba 2020. Market grows 25.6% defying all odds

Cuba Auto sales in 2020 remain quite stable overall. Indeed, 167 units have been sold in September (+25.6%), leading Year to Date sales at 1.224 (+1.9%). The leader Peugeot keeps holding only 21.7%, followed by BYD and Kia.
 
Market Trend Year to Date
Despite all that is happening this year, the Cuban vehicles market remained quite stable during the year. In fact, it has even been growing, since 167 units were sold in September (+25.6%), leading Year to Date sales still at a 1.9% increase with 1.224 units sold.
Brand-wise, Peugeot remained the leader, holding 21.7% market share, followed by BYD with 16.5% and Kia with 15.1%.
Medium-Term Market Trend
As no retail operations are yet allowed in the country, the state corporation CIMEX is the only in charge of selling vehicles.  New vehicles are sold for private customers applying an 800% tax and a 1.500% tax for used vehicles.
Just a few units (less than 10% of total) are privately purchased and the rest is split by State companies – including public taxis – and rental for tourists.
The 2018 full-year sales has been revised to a level of 4.500 units, which represents the record level and a marginal increase from the previous years.
In 2019 the market plummeted severely, losing more than 65% sales, with only 1.600 units registered as the huge level of duties are imposed over import which gave to the cars sold in this Caribbean market the record of the highest price in the World, with a mid-size car costing more than a 100 square meter flat.
Tables with sales figures
In the tables below we report sales for the Top 10 Brands

Martinique 2020. Peugeot challenges Renault’s leadership in market down 26.2%
Friday March 19, 2021

Martinique vehicles market falls due to the global pandemic affecting sales. Indeed, Full Year 2020 sales have been 13.223, down 26.2% compared to 2019. The former leader Peugeot is catching up quickly to Renault, challenging its leadership. Market Trend The Martinique vehicle market has been affected in 2020 by the global COVID-19 pandemic, which impacted […]

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“You have to remember that in today’s world GDP is a very poor measure of economic health”
Thursday October 29, 2020

Lately I’ve been reading Detlev’s book, Paper Money Collapse. In particular I found the chapter on cryptocurrency and the chapter on solutions to the global monetary debt crisis to be extremely clear and practical and informative. This online interview he did with ValueWalk was also quite good. I’ve shared a few of my favorite excerpts […]

The post “You have to remember that in today’s world GDP is a very poor measure of economic health” appeared first on Celadon Saigon.