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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

John Street Capital’s fire analysis of bitcoin, stocks, and macroeconomics
Tuesday October 06, 2020

I really enjoyed reading several of John Street Capital’s essays and wanted to save / share some excerpts from them. The two that stood out the most during my reading binge were Bitcoin & The Macro Environment, and FinTech: The 2020’s. Excerpts: We said QE turned your checking account into cash, your savings account into […]

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Guatemala 2020. Vehicle Market recovers and grows 7.5% while Toyota dominates
Friday November 13, 2020

Guatemala vehicles market in 2020 reported a sharp drop in sales in Q2, but has recovered effectively in the last month despite COVID-19 infections remaining stable. Indeed, 2.193 units have been sold in September (+7.5%), leading Year to Date sales at 15.086 units (-18.5%).  Economic Environment The economy likely remained in the doldrums in Q3 amid […]

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