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Colombia’s EV Market Grew 23% in Q1 & Reached 4% Market Share in March

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Q1 report: EV sales grow 23% in Colombia amidst a falling market, reach 4% Market Share in March!

The first trimester is over, and countries are starting to present their official data for vehicle sales during the first three months of the year. Colombia, one of our leaders for EV sales in the region last year, started this one with reasonable growth amidst a generalized crisis in the vehicle sector that has been going on for two years now, with no end in sight. It’s all but certain that by now we have hit peak ICE in this country.

And yet, despite both ICEVs and EVs having significant price reductions, it’s only EVs that grew: 23% to be precise, while the general market fell 14%. This allowed EVs to go from 2.4% market share in Q1 2023 to 3.4% in Q1 2024, reaching 4% during March.

The government is still aiming to end diesel subsidies, but it hasn’t been able to do so due to pressure from the transportation guild, which is threatening to strike if prices go up. Regardless, several companies are bringing new and better electric trucks, so if the government gets its way, we will see a rapid increase in the sale of electric heavy vehicles.

 

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