Colombia EV Gross sales Report: EVs Develop 159% YoY, Attain Report 8.5% Market Share in December!

By Imran Last updated Jan 16, 2025

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After years of EVs being priced effectively above their thermal competitors, the arrival of a veritable armada of competitively priced EVs in Colombia (most, however not all, being Chinese language) has resulted within the apparent consequence: persons are shopping for them in droves. Report after file has been positioned since October, with gross sales almost doubling between that month and December alone!

Crucially, all this development has fallen on BEVs, as PHEVs are dealing with headwinds and stagnated in 2024. As I discussed in earlier articles, this has quite a bit to do with the truth that BEVs are rather more inexpensive, however new circumstances are additional pushing this swap: the Colombian authorities — each on the nationwide and municipal ranges — has been transferring away from hybrids (with HEVs presently accounting for round 25% of the market); the nationwide authorities lately ended the tariff and tax exemption for HEVs; and a number of other cities have been contemplating ending advantages associated to site visitors restrictions (BEVs are exempt by legislation from these restrictions, so there’s no risk right here).

Ordinarily, car gross sales are very excessive in December, so it’s doubtless that we’ll see a month-on-month decline in January. Hopefully, the market share won’t fall and Colombia will surpass 10% BEV market share in some unspecified time in the future in mid-2025.

Colombia EV Market Overview

From 2022 onwards, the pattern in Colombia has been gradual development within the EV section while the overall car market has been in free-fall, so market share has been slowly rising. This pattern was lastly damaged within the second half of 2024. From then on, we’ve seen a booming car market and large development in EV gross sales. Colombia bought over 2,000 EVs in December, almost doubling the file from October when gross sales surpassed 1,000 for the primary time ever. When this in graph type, the expansion is really spectacular and showcases that Colombia is now over the “early adopter” part:

BEVs account for all the development, as PHEVs grew by a mere 0.7% by means of 2024 and fell by 32% in December. In the meantime, BEV gross sales almost quadrupled between December 2023 and December 2024!

Nevertheless, as the entire market reached over 25,000 items, market share didn’t rise as steeply (had this occurred in any month previous to November, we’d’ve seen over 10% BEV market share). BEVs bought 7.5% market share in December, with PHEVs reaching 0.9%. Via 2024, market share was 4.5% for BEVs and 0.9% for PHEVs.

Momentum has largely been maintained by BYD’s two champions (the Yuan Up, which was the 8^th most bought automobile in December, and the Seagull) in addition to the nice value-for-money gives of Volvo (EX30) and Kia (EV5), which led the market in December in that order.

Under them, at the least a dozen new manufacturers are combating for recognition and slowly gaining the arrogance of the Colombian shopper, together with MG, Chery, FAW, GAC, and GWM. A notable point out is due for the FAW Nat Bestune, which managed to get within the high 10 because of 33 gross sales final month.

Model-wise, BYD nonetheless maintains round half of the marketplace for itself, with Volvo in silver and BMW again in bronze! Kia was relegated to fourth place regardless of the success of the EV5. Notable mentions for Chery, FAW, and Foton — which for the primary time are entering into the highest 10!

Mannequin gross sales for all the 12 months showcase the affect of the brand new arrivals on this market. Out of the highest 5, just one car was out there the entire 12 months (Volvo XC60). The main mannequin, the BYD Yuan Up, solely began deliveries in July. The BYD Seagull began deliveries in Could. The Volvo EX30 arrived in April, and the Kia EV5 in June. This illustrates how quickly markets can pivot so long as the newcomers supply confidence and good value-for-money.

Model gross sales for the 12 months begin with BYD (nonetheless with round half of the marketplace for itself), adopted by Volvo and, surprisingly, BMW! The German automaker managed to grab the place from Kia, which I believed was sure to win the bronze.

Honorary point out to Chevrolet, the one automaker on this record whose whole portfolio is constructed outdoors China. Nevertheless, that is unlikely to be the case in 2025, as GM is now formally testing the Baojun Yep Plus within the nation as a rebranded Chevrolet Spark.

Remaining Ideas

Two components appear to be propelling EVs in Colombia: first, their relative affordability because of the value wars launched in 2024; second, the strict site visitors restrictions in Colombia’s bigger cities, which have moved folks in the direction of hybrid and electrical autos, and — ought to they part out advantages for HEVs — might quickly inspire hybrid patrons to maneuver into BEVs.

Nevertheless, there appear to be different components at play. BYD arrived very early (2013) and at unaffordable costs, but it appears all that point and people few gross sales served to achieve the arrogance of shoppers and develop model consciousness. It stays to be seen how lengthy till different manufacturers get to that time.

The pattern from June to December has been constructive, and intensely so within the final three months. I don’t anticipate such explosive development to final for lengthy (in any other case, we’d be seeing a completely electrical market by mid 2025), however I do anticipate gross sales will at the least preserve present ranges by means of the primary half of the 12 months. As hybrids lose their tax exemption and so they change into inevitably pricier, it may very well be that BEVs exchange them … or it may very well be that folks revert to ICEVs.

E-motorcycle gross sales are literally falling: amidst a booming market of over 800,000 bikes bought in 2024, solely 2,095 had been electrical. Nevertheless, most importers have targeted on small, underpowered e-mopeds which don’t require registration or a license to drive, which means we don’t know how massive gross sales are. Although, it could appear there’s an e-moped vendor each couple of blocks right here in Bogota.

Finally, throughout my December journeys to go to household, for the primary time I noticed EVs venturing outdoors the town. Moreover, I handed the one charging station between Bogota and my dwelling metropolis 4 instances, and two of these there was an EV charging there. I stay frightened in regards to the variety of plugs at these charging stations (1 of every sort these days) and the inevitable second when traces begin showing. Hopefully, extra infrastructure shall be deployed in time and issues gained’t be as dangerous as I worry.

However, for now, the EV transition is in full swing on the streets of Colombia!