Colombia EV Gross sales Report: 240% Progress Brings the Nation Again onto the Regional Podium! 

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Earlier than November 2023, Colombia had been a constant member of the rostrum in Latin America so far as EV adoption goes. That month the place received snatched by Brazil due to the decreasing of the BYD Dolphin’s value and, later, the arrival of a extra inexpensive BYD Dolphin Mini (BYD Seagull).

It took a couple of months for Colombia to get its personal inexpensive EVs, however now they’ve arrived, and the nation is as soon as once more rising in gross sales, surpassing Brazil in July 2024 and reaching and all-time excessive share of 5.3% (4.7% BEV). Let’s have a look at the numbers!

Normal overview of the market

Colombia’s EV panorama in 2024 was fully reworked due to the arrival of three inexpensive champions: the Volvo EX30 (COP$180’000.000, or $44,900), the BYD Seagull (COP$78’000.000, or $19,500), and the BYD Yuan Up (COP $105’000.000, or $26,200). These three EVs for the primary time in historical past arrived at value factors just like and even decrease than comparable ICEVs, permitting them to quickly achieve market share from the outdated combustion-mobiles. Furthermore, the arrival of those three champions triggered value wars of their respective segments, making a extra numerous ecosystem of inexpensive EVs even when — for now — a lot of the gross sales stay inside the most-known manufacturers. The outcomes, sales-wise, converse for themselves: the arrival of the Volvo EX30 in February, the BYD Seagull in June, and the BYD Yuan Up in July are clearly seen, as every one represented a major bounce in gross sales over the earlier month.

EV gross sales reached a brand new excessive in July, and extra apparently, they did in order PHEV gross sales fell. That is very attention-grabbing as a result of in earlier years PHEVs held a major a part of the market: for instance, in 2021 and 2022, there have been months after they grew to become extra quite a few than BEVs:

By 2023, BEVs have been persistently extra widespread, however PHEVs nonetheless held to a 3rd of the market or so. The development was solely (and abruptly) damaged in June 2024, when BEVs grew to become rather more widespread and began commanding an absolute majority: over 85% of the market.

From my perspective, nonetheless, there’s no thriller as of why that is taking place. PHEV costs stay excessive, with solely two fashions under the psychological barrier of 200 million COP ($49,900) and none under 100 million COP ($24,950). In the meantime, there are a minimum of six BEV fashions presently beneath 100 million COP (extra if you happen to embrace quadricycles) and we’re most likely getting shut to twenty fashions accessible for beneath 200 million COP. In growing markets, affordability is vital, and the instances when hybrids have been cheaper than BEVs is now within the rear-view mirror.

Market-share clever, Colombia has lastly reached the 5% barrier (surpassing Brazil), which means we’re into what José calls the Disruption Zone! And the rise within the final two months has been appreciable, which suggests there’s momentum and market share might but rise extra earlier than stabilizing.

The unhappy information is that ICEV gross sales (together with HEVs and MHEVs) have barely elevated, as the general automobile market has been recovering from the depths it reached in earlier months. Thus far, the restoration is sluggish and there stays an opportunity that EVs will snatch all of it after which some extra — however, for that to occur, even sooner development is required.

Gross sales rating

It shouldn’t come as a shock for many of our readers that BYD is absolutely the chief in EV gross sales, adopted by Volvo. Extra attention-grabbing issues are taking place under, the place three established automakers are combating for the bronze (BMW, Renault, and Kia), after which within the second half of the chart, the place three Chinese language and two legacy automakers make an look.

Yr so far, BYD holds some 30% of the full market, adopted by Volvo (17%) and BMW (13%). Renault, in fourth place, is sure to progressively lose positions, as its success early within the yr was principally because of the Renault Kwid E-Tech (Dacia Spring), a automobile that has fallen out of grace because the extra inexpensive, higher geared up BYD Seagull has entered the market. In the meantime, Kia is bolting forward, and despite the fact that it might not be capable to snatch the bronze from BMW by the tip of the yr, it managed to beat it in July and get onto the rostrum!

Kia’s “secret sauce” is the Kia EV5, a big SUV by Colombian requirements that gives a compelling value, being extra inexpensive than the PHEV BYD Track Plus, its most direct competitor. It’s necessary to notice that Kia proudly boasts its Kia EV5 is supplied with a BYD Blade Battery: by now, the connoisseurs within the nation appear to seek out BYD probably the most dependable model so far as batteries go, and its Blade Battery the non-plus-ultra, the usual different batteries have to be upheld to in the event that they want to be thought of worthy. Actually, BYD has performed an amazing job making itself a reputation on this small market … and in July, thanks the arrival of the BYD Yuan Up and the power of the Seagull, it received almost half of Colombia’s EV marketplace for itself!

Some new names seem within the latter elements of the listing, notably FAW — a Chinese language model that bought 18 taxis in July, however that in any other case has not been current available in the market. Renault, extremely dependent within the Kwid E-Tech, is now in fifth place and falling, whereas BMW maintains an honest place due to its aggressive EVs in its personal section.

Mannequin-wise, July was dominated by the three “inexpensive champions” talked about above, from least to costlier, adopted by the Kia EV5. BYD dominates, with 6 fashions within the prime 10; Volvo has an extra two; and Renault and Kia make up the remaining. Yr so far, nonetheless, the listing is totally different and BYD solely manages to get 4 out of the highest 10 spots:

The truth that the Seagull is main this rating after solely being accessible for 2 months is telling. Likewise, the BYD Yuan Up bought 121 models in July (its first month available in the market), which means it was solely lacking 3 models to make it into the yearly prime 10! These two automobiles are poised to dominate the Colombian EV market within the foreseeable future.

The silver goes to the Volvo EX30 (no surprises right here), which elevated gross sales in July, which means it might properly preserve its place via the remainder of the yr. The bronze goes to the BYD Track Plus, the preferred PHEV within the nation, nevertheless it’s nearly a certainty this place will go to the BYD Yuan Up in a pair months at most.

Additional down we discover the BMW iX3 and the Chevrolet Bolt making an look within the eighth and ninth positions, respectively. The Bolt is on its approach out, however, being bought at $40,000, it makes a superb omen for the upcoming Equinox EV (a greater automobile in all points) as long as they’ll promote it at the same value. As for the Renault Kwid E-Tech, it has been successful, however the Seagull has taken that section for itself and now the Kwid lingers on the sidelines.

Ultimate ideas

The EV transition is accelerating. Worth parity is lastly right here, and years of preparation by these electrical manufacturers are paying dividends because the nation surpasses the 5% share mark. Progress is quick and there’s momentum, so it is going to stay so for a minimum of a couple of months.

And but, I can solely assume on what comes subsequent. The Seagull has arrived with a bang, but equally inexpensive EVs for different automakers (JAC, Changan, JMC) are failing to realize traction. The Yuan Up is a game-changer for positive, however it will probably’t make a transition by itself. The place are the inexpensive SUV-ish vehicles from different automakers? The place are the small BEV sedans?

On this sense, my hope stays that the present momentum lasts us till new arrivals carry a brand new wave of development. These new arrivals, within the quick time period, are principally centered on the SUV section and embrace Chevrolet’s EV Armada (Equinox EV, Blazer EV, maybe Baojun Yep Plus), a number of the Zeekr champions, and Kia’s new EV lineup. And Tesla, in fact, which was imagined to arrive a couple of months in the past however by no means did. I typically marvel if Elon fired the folks accountable for that.

It’s Kia that I’ve the very best hopes for. This model made itself a reputation on this nation with the profitable Kia Picanto and maintains a superb repute so far as sedans and SUVs go. The Kia EV3 — if bought at a value close to the promised $30,000 for the 61kWh model — could possibly be a sport changer with a far bigger affect than the Yuan Up, for its vary can be sufficient for the most typical inter-city journeys on this nation. It could even be aggressive even with Kia’s personal ICEV lineup and strengthen the EV presence in Colombia’s most bought section. And in contrast to BYD, Kia already has model recognition and the boldness of the costumer.

Eventually, infrastructure is lagging, however to date, this doesn’t appear to have an effect on gross sales. Nevertheless, it’s solely a matter of time till we begin seeing strains on the fast-charging stations (most of which have just one stand) or complaints in regards to the one stand being out-of-order, successfully leaving vacationers stranded. This needs to be mounted beforehand, however I doubt it will likely be, and that would take momentum off the transition in some unspecified time in the future within the close to future.

For now, although, the solar shines and the sky’s vibrant blue as Colombia’s EV transition gathers steam and gross sales bolt forward. With the US at some 8% BEV gross sales, and Canada at round 12%, I’m wondering if Colombia might surpass both by the tip of the yr, fulfilling an omen I’ve been prophesizing for some time: that growing international locations will transition sooner than developed ones.

It’s an extended shot, however the sport is simply beginning.