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Dominican Republic 2020. Hyundai holds 20% share of market still down almost 50%

Dominican Republic Vehicles market in 2020 is crippled and is still having difficulty to recover even though infections in the country have been decreasing slowly. Indeed, 1.097 units have been sold in September (-37.2%), leading Year to Date sales at 8.334 units (-47%). The leader Hyundai holds 20% market share.
Economic Environment
The economy contracted 7.2% in Q3 according to preliminary data, much milder than Q2’s 16.9% collapse. The softer drop was likely due to an incipient recovery in tourism following the reopening of borders in July.
Moreover, remittances surged in the quarter as the U.S. labor market recovered, which should have buttressed private consumption. However, the economic panorama was still downbeat: The hotels, bars, and restaurants subsector fell, as visitor arrivals were still down sharply year-on-year, while the retail and transport sectors also declined. Turning to Q4, momentum should be improving, with visitor arrivals likely up from Q3.
However, the extension of the curfew in mid-October will continue weighing on domestic activity, while Haiti’s decision to impose a USD 800 fee on the Dominican Republic’s exports will hurt the external sector—Haiti is the country’s second most important trading partner.
Market Trend Year to Date
The Dominican Republic vehicle market still reports heavy losses and is unable to recover effectively despite COVID-19 cases in the country have been slowly decreasing for the past 3 months. Indeed, 1.097 units have been sold in September (-37.2%), leading Year to Date sales at 8.334 units, a 47% decrease compared to the previous year.
Brand-wise, Hyundai remains the undiscussed leader, holding 20% market share, followed by Kia with 12.5% and Toyota (losing 1 position in the leaderboard) with 11.9% share.
Medium-Term Market Trend
The Dominican Republic new vehicles market had reported a strong increase in 2016 when the new all-time record was established at 24.396 units. In 2017 sales declined back at 21.425 units (-16%) and were more in line with the average volume in this decade. In 2018, registrations reported a shy recovery. Indeed, the year ended with sales at 21.300, up just 1.3%.
However, in 2019 the market went back on a negative track. Indeed, Year to Date November sales have been 19.288, projecting the full year to 20.991, down 1.5%.
In Q1 2020 the market started with a very negative trend, losing 39.3% with 3.183 units sold, but the situation got even worse in Q2. In fact, First Half sales were 5.109, plummeting by 51.3%.

Panama 2020. Car sales down 20% after 9 months
Wednesday November 11, 2020

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Tables with sales figures
In the tables below we report sales for the Top 10 Brands

I mean, it makes sense, but then again…?
Wednesday October 28, 2020

In short, the bank is already and at all times bankrupt; but its bankruptcy is only revealed when customers get suspicious and precipitate “bank runs.” No other business experiences a phenomenon like a “run.” No other business can be plunged into bankruptcy overnight simply because its customers decide to repossess their own property. No other […]

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