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


Important Details To Keep In Mind Before Getting A New Vehicle
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Buying a new vehicle on impulse is never a good decision. This is possibly the second most important purchase of your lifetime. It is a decision wherein if you don’t put enough effort into research and thought, you could end up with a vehicle that’s not right for you. There are many things that you […]

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New Zealand 2020. Best selling cars ranking
Wednesday November 04, 2020

New Zealand Best Selling Car ranking in 2020 reports the Ford Ranger still as the market leader, holding 6.6% share. The Suzuki Seltos jumped from 10th to 7th spot while the Toyota Corolla fell down in 9th position. The Ford Ranger remains the best selling car in 2020 up to September, holding an impressive 6.6% share, […]

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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%.

We made a newsletter for all things digital art, crypto art, and NFTs
Wednesday January 13, 2021

Steven and I are fascinated with the growth and innovation happening in the digital art and crypto art space, so we started a newsletter. You can signup here: https://fatcatfund.substack.com/ Here’s the latest issue: https://fatcatfund.substack.com/p/banksy-entering-nft-issue-3 And here are some topics we discuss: -Exciting projects in the space from Niftex (NFTX) to Axie Infinity to Aavegotchi -Great […]

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

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