Summary
- Colombia’s EV market is booming, with significant year-over-year growth and bursts of demand leading to month-over-month increases
- BEVs have surpassed PHEVs in market composition, making up 90% of the plug-in market in October
- BYD models lead the market, with the Seagull and Yuan Up being the most popular
- Chevrolet is the only legacy manufacturer in the top 10 EV brands, competing with Chinese brands in the market
- New arrivals of affordable BEVs are flooding the market, with prices starting as low as $10,300 and the age of EVs being cheaper than ICE vehicles has begun
Article
Colombia’s EV market is experiencing significant growth, with over 1,000 BEVs sold in October. The market composition is shifting towards BEVs, with PHEV sales declining. This growth has pushed the market share of EVs to over 6%, with the possibility of reaching 8% or even 10% by the end of the year.
BYD is dominating the market with its Seagull and Yuan Up models, followed by the Kia EV5. Other notable models include the rebranded Stark E-Truck and the recently arrived Equinox EV. BYD, Volvo, and Kia are the top-selling brands in the country, with BMW also making its mark in the market.
The arrival of new BEVs in Colombia, including affordable options like the GAC Aion ES sedan, is driving the expansion of the market. The segment of midsized SUVs is becoming saturated, while entry-level SUVs and small sedans remain uncovered by EV options. Despite this, EVs are becoming more price-competitive with ICE vehicles in premium segments.
Rapid-charging stations are being implemented to support the growing EV market in Colombia, with the recent opening of a fourth station between Bogota and Santa Marta. As EV prices continue to fall, adoption is expected to increase, with the potential for cheaper EVs in every segment within a few years. This trend could pose a challenge to legacy ICE vehicle manufacturers.
Supporting independent cleantech coverage can help accelerate the transition to cleaner technologies. With the ongoing evolution of the EV market in Colombia, there is a growing opportunity for consumers to embrace sustainable transportation options and contribute to the cleantech revolution.
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