Mclaren, Lamborghini, Jaguar, Cadillac or Lotus are vehicles that are hardly seen on the streets of big cities, but in Ecuador they have their own niche. Of the 92,145 new vehicles sold here – between January and August – 1.24% were from the high-end segment. In these eight months, 1,138 units were sold, according to updated information from the Association of Automobile Companies of Ecuador (Aeade). This is 128.51% more than sold in the same period in 2022 (498 vehicles).

This growth surpassed the pre-pandemic figure with a 54.83% increase compared to the 735 units that left showrooms in 2019.

The union made an adjustment to these figures from data it provided this week, where it considered only premium brands with top-of-the-line vehicles priced above $50,000, not other brands that have lower-priced cars, or models from those brands that had prices higher than USD 50,000. Now, with the update, top-of-the-line vehicles over $70,000 of all brands sold in the Ecuadorian market come into consideration.

Guayaquil already buys the same number of high-end cars as Quito and that is why the brands Maserati, Lamborghini, McLaren and Karma will have the first sales point on the Coast

Brands have cheaper entry models for the high-end segment

As for the price range, these premium vehicles vary depending on the model. For example, the four models of the American brand Jeep that Maresa sells in Ecuador: Compass, Wrangler, Gladiator and Grand Cherokee, have different prices.

The Jeep Wrangler Unlimited is $113,100, according to information posted on Maresacenter.com. While the Jeep Wrangle Rubicon retails for $104,999. The Gladiator Rubicon 4×4 model is offered at a price of $133,100. And the Grand Cherokee Rubicon costs $119,999. The brand’s most affordable models are Compass Longitude X ($39,999) and Compass Trailhawk ($54,999).

For Aeade, vehicles that cost more than $70,000 are considered high-end vehicles. However, Jesús David González, head of marketing for the Jeep, RAM, Fiat and Dodge brands, confirms that the Compass model and its two versions are superior. “It’s a top-of-the-line brand, but just as every brand has entry-level vehicles, the Jeep Compass is our entry-level vehicle.” He adds that brands like Mercedes Benz, BMW and Audi also have entry-level vehicles. “In the case of Mercedes Benz, they have the A series which are the entry vehicles for the launch of the brand,” says González.

Prices of Mercedes Benz models in the Ecuadorian market range between $104,990 for the E350 Hybrid sedan model and $335,662 for the G63 jeep model, according to data from the Chamber of the Ecuadorian Automobile Industry (Cinae). There are three A-series models on the list, but they weren’t imported this year, although their prices in 2022, when those models did arrive in the country, were between $127,990 and $193,200.

Meanwhile, Rosati Motors, which imports Italian brands Maserati and Lamborghini, as well as Britain’s McLaren and China’s Karma, offers these vehicles in the price range between $100,000 and $600,000, according to its manager Jimmy Ballesteros. The concessionaire plans to open its first location in the Costa region by the end of this year, at Plaza Moderna de Samborondón.

Electrified vehicles have grown by 44% in sales and already have a 9% market share

However, according to Cinae, the most expensive high-end vehicle in Ecuador is the $432,000 McLaren Spider.

Cinae includes brands such as Chevrolet, Ford, RAM, Nissan, Toyota and Dodge in its list of high-end vehicles; and excludes brands such as Volvo, DS, Lamborghini and Mini. There are a total of 104 models from 20 different brands.

Meanwhile, in addition to sales, the average price of these luxury vehicles also increased. According to Cinae data, the average price between January and August this year was $136,666, while in the same period in 2022 it was $130,467.

Damn demand

For Genaro Baldeón, CEO of Aeade, the premium vehicle market is seeing a clear recovery this year after the impact of the pandemic on the automotive industry. “In 2020, the global restriction that sought to stop the spread of COVID-19 forced the closure of production facilities around the world, with a gradual process of opening. In 2021, although production facilities started to activate again, the sector faced a semiconductor crisis, a shortage of raw materials and problems with logistics.”

He adds that in the first half of 2022, the consequences of those problems were still being felt, and the Russian invasion of Ukraine was added to that. These events particularly affected plants located in Europe, which implied supply constraints and suppressed demand in the Ecuadorian market. “Today we are already seeing a recovery, with levels slightly higher than those reached in 2017. That year, 1,040 premium vehicles were sold in the country, -9.42% compared to those sold in 2023.

Regarding the sales projections until the end of the year, Baldeón explains that although the automotive market will behave similarly to the national economy, the premium vehicle segment will behave differently. According to growth forecasts for the Ecuadorian economy, it would amount to 2% to 2.5%, which is the expected increase in the automotive sector, according to the head of Aeada.

“While premium vehicles meet the pent-up demand in recent years, which is reflected in this year’s sales, as with greater availability and supply, the demands of this segment are currently covered,” he claims.