In the first half of 2024, this market sold 85 thousand vehicles, which represented a delay 6% compared to the same period in 2023 when 91 thousand were sold. This decrease is due to several factors, such as economic slowdown after the crisis, high interest rates that reduce the availability of credit and the economic uncertainty.
At the end of the semester, the positive performance of low and zero emission vehicles stands out. Electric vehicles have seen a growth of 48%, with sales reaching an all-time high in June. As for hybrid vehicles, they have shown a growth of 40%.
Eduardo Visbal, Vice President of Foreign Trade and Automotive Sector of Fenalcoassured that while June showed positive sales data, the market is still in negative territory as a result, in addition to still high interest rates and the variability of the dollar price; due to the loss of consumer confidence in the economy. Therefore, the Merchants’ Guild is pushing for a reactivation plan for the remainder of the year.
For his part, Karol García, Director of the Andi Automotive Industry Chamber stated that it is necessary to domestic demand through incentives that give all Colombians access to low interest rates, so that they can take the plunge fairly and equitably into buying a vehicle for the first time and so that those who have one can trade it in for a vehicle with the highest safety and emissions standards.
Source: El heraldo
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
