This article initially appeared in the February 2020 issue of PowerTALK News.
Despite the poor performance of auto sales in Latin America countries such as Mexico and Argentina, Colombia keep growing sales of cars as Brazil, with 2.7% growth with 263,700 units in 2019. Colombia also leads in EV/HEV sales gains. The forecast for 2020 is that sales will continue growing at the same rate.
Source: Andemos Read The Article
PSR Analysis: Pent up demand for vehicles coupled with a strong economy is expected to keep the car market in Colombia growing. The currency devaluation in 2019 affected the market, since a significant portion of vehicles are imported or assembled in Colombia under the CKD model. It is an important time for exports from Brazil, that went through currency devaluation as well and for local producers such as GM Colmotores and Hino. PSR
