Features
22 Feb 22

Wikifleet update: promising outlook for automotive and fleet in Colombia

Although a return to 2019 (pre-pandemic) performance levels has not occurred in much of the automotive world, the year 2021 was a time of recovery for vehicle production and sales as we report this time around in South America.  

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Besides Venezuela finally coming out of hyperinflation with inflation dropping below 50%, automobile sales in Ecuador were up double digits in 2021 to nearly 100,000 units. Our focus today, however, is on South America’s third largest automobile market, Colombia.

In 2021, a total of 250,497 light passenger vehicles were sold in Colombia, up 32.8% year-over-year. While 102,078 cars were sold (+20.7%), the SUV total was 98,865 (+48.3%) and pickups 8,142 (-36.8%).

Meanwhile, 9,060 premium passenger vehicles were sold (+15.8%) and 17,702 electrified vehicles (+194%), according to Global Fleet’s Wikifleet page on the country which used data from Colombia's sustainable mobility association Andemos.

A total of 14,694 were hybrids (HEV), 1,712 were plug-in hybrids (PHEV), and 1,296 were battery electric vehicles (BEV). While HEV sales were up 247%, PHEV sales rose 272% and BEV sales fell 1.9%.

While the best-selling brands overall were Renault, Chevrolet, Mazda, Nissan, and Toyota, leading electrified vehicle sales by far was Toyota, followed by Suzuki, Ford, Kia, and Mercedes Benz.

Best-selling fleet brands

Source: Andemos

Passenger/LCV

Premium

Pickup

Taxi

Renault

BMW

Toyota

Kia

Chevrolet

Mercedes Benz

Chevrolet

Hyundai

Mazda

Audio

Renault

Chevrolet

Toyota

Volvo

Volkswagen

Renault

Nissan

Land Rover

Nissan

FAW


It terms of popular fleet models, they include Mazda CX30 (crossover), Renault Duster (compact SUV), Suzuki Vitara (compact SUV), Nissan Frontier NP300 (pickup), Mazda CX5 (crossover), and others.


2021 Mazda CX-30 (source: Mazda)

With a benchmark interest rate of 3%, Colombia boasts some of the lowest financing in Latin America. It is also home to one of the most mature markets in terms of electrified vehicles in the region. While the country seeks to have approximately 6,600 full-electric passenger vehicles on its roads in 2022, nearly ten times that or 600,000 is expected by 2030.

To stimulate the market, the value-added tax on these types of vehicles is 5% as opposed to 35%. 

Photo: road traffic in Colombia (source: Shutterstock)

 

Authored by: Daniel Bland