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Ecuador 2020. Auto market plummets, decreasing sales by over 60%

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TED talk notes #4, Charles Leadbetter: Education innovation in the slums
Monday November 02, 2020

in slums to make things work: pull not push (they need to demand, seek learning) make learning second, activity/interest first, “teach through” (eg, learn music theory THROUGH playing instruments) mass education started with social entrepreneurship model in 19th century (in other words, innovative, grounds-up individuals and ideas with creative sources of funding) current school system is […]

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An indirect yet very clear explanation of MMT
Tuesday November 10, 2020

Emerging markets have reasons to be wary of MMT. They don’t strictly meet its preconditions. While every country does print a legal tender and collects taxes in its own currency, not all can borrow in them. Nor can they allow their exchange rates to float freely, especially if they import vital commodities like food or […]

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Ecuadorian vehicles market in 2020 crumbles heavily impacted by the pandemic selling less than half the number of units compared to the previous year. In fact, 6.947 units have been sold in July (-54.8%), leading Year to Date sales at 38.858 units (-61.8%). 
Economic Environment
On the heels of the sharpest GDP contraction in at least two decades in Q2 owing to the Covid-19 shock, available data suggests that conditions improved somewhat in Q3, but remained downbeat overall.
Although the decline in economic activity eased from April’s collapse through July, it sharpened slightly again in August. Moreover, following weather-related disruptions to the country’s two main pipelines that sent oil production crashing in Q2, output rose by around 50%, on average, in July–August.
However, the recovery in oil prices was cut short and plateaued for the entire third quarter, while crude production was still down year-on-year in that two-month period. Additionally, credit growth slowed for the sixth month running in August, hitting a near four-year low, which, coupled with sustained and significant import compression in July–August, hints at internal demand still struggling to gain traction.
Market Trend Year to Date
After crumbling down in the First Half of the year, the Ecuadorian vehicles market did not improve significantly, in fact it is still selling less than half the units compared to last year. Indeed, in July 6.947 vehicles have been sold (-54.8%), leading Year to Date sales at 38.858, a 61.8% decrease compared to the previous year.
Brand-wise, the leader Chevrolet keeps a 21.7% share in the market, followed by Kia with 18.3% and in third place by Hyundai with 7.7% share.
Medium-Term Market Trend
Ecuadorian vehicles market was severely hit in 2015/2016 by the economic crisis, generated by the decline of the oil price in the international market, reporting a deep loss of 62.791 units, the lowest level in a decade, in 2016. In 2017, the economic recovery supported a strong recovery in new vehicle demand with figures up 60% at 103.545 units. In 2018, sales have kept the momentum improving volumes at a remarkable level, ending with 136.738 units sold and surging to 32.1%.
In 2019, registrations held the previous year’s pace. Indeed, the market reported Full-year sales at 174.446, soaring to 27.6%.
In Q1 2020 22.543 units were sold, reporting a loss of over 43%, but the market fell even further in Q2, in fact, First Half sales have been 31.911, losing 63%.

“Artificial intelligence has the verbal skills of a four-year-old”
Sunday November 01, 2020

This was written in 2013. Over the decades it has become apparent that simply throwing more processor cycles at the problem of true artificial intelligence isn’t going to cut it. A brain is orders of magnitude more complex than any AI system developed thus far, but some are getting closer. And in the seven years […]

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

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