Cuban vehicles market falls due to the global pandemic affecting sales. Indeed, Full Year 2020 sales have been 1.560, down 48.3% compared to 2019. The market registers the second year in a row of severe double-digit drops in sales.
Market Trend
The Cuban vehicle market has been affected in 2020 by the global COVID-19 pandemic, which impacted sales significantly.
As no retail operations are yet allowed in the country, the state corporation CIMEX is the only one 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 the total) are privately purchased and the rest is split by State companies – including public taxis – and rental for tourists.
The 2018 full-year sales have 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, with only 3.015 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.
Full-Year sales for 2020 have been 1.560, reporting a 48.3% decrease compared to 2019.
Brand-wise, this year the leader Peugeot (-43.6%) gained 4.3% market share, followed by BYD (-50.6%), which lost 0.5% share. Kia (-49.2%) was in the third position and lost 0.2% market share.
The most sold model in the country is the Kia Picanto with 76 sales (-47.2%), holding 10% market share.
