European car prices fall 12% in Ecuador since 2016

The impact of the commercial agreement with the European Union (EU) in the automotive sector—that marks its fourth year of a total of seven years in 2020—is reflected in the sale of European vehicles in the Ecuadorian market. According to the Association of Automotive Companies of Ecuador (Aeade), at the end of 2019, the position of European vehicles in the Ecuadorian market was 6.4% (around 8,500 units sold), very similar to 2018 (8,810), but significantly higher than the 2 % market share in 2016 (1,519 units). Genaro Baldeón, CEO of Aeade, says that the reduction of European vehicle tariffs has…

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