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 obtained snatched by Brazil due to the decreasing of the BYD Dolphin’s value and, later, the arrival of a extra reasonably priced BYD Dolphin Mini (BYD Seagull).

It took a number of months for Colombia to get its personal reasonably priced 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!

Basic overview of the market

Colombia’s EV panorama in 2024 was utterly remodeled due to the arrival of three reasonably priced 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factors much like and even decrease than comparable ICEVs, permitting them to quickly achieve market share from the outdated combustion-mobiles.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 various ecosystem of reasonably priced EVs even when — for now — many of the gross sales stay throughout the most-known manufacturers. The outcomes, sales-wise, communicate 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 each represented a big soar 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 fascinating as a result of in earlier years PHEVs held a big a part of the market: for instance, in 2021 and 2022, there have been months once 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 far more widespread and began commanding an absolute majority: over 85% of the market.

From my perspective, nevertheless, there’s no thriller as of why that is occurring. 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 not less than six BEV fashions at the moment beneath 100 million COP (extra should you embrace quadricycles) and we’re in all probability getting shut to twenty fashions accessible for beneath 200 million COP. In creating markets, affordability is vital, and the occasions when hybrids have been cheaper than BEVs is now within the rear-view mirror.

Market-share sensible, 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 implies 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 car market has been recovering from the depths it reached in earlier months. To this point, the restoration is gradual 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 fascinating issues are occurring 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 up to now, BYD holds some 30% of the overall 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 as a result of Renault Kwid E-Tech (Dacia Spring), a automobile that has fallen out of grace because the extra reasonably priced, higher geared up BYD Seagull has entered the market. In the meantime, Kia is bolting forward, and regardless that it might not be capable to snatch the bronze from BMW by the top 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 reasonably priced than the PHEV BYD Track Plus, its most direct competitor. It’s vital to notice that Kia proudly boasts its Kia EV5 is provided with a BYD Blade Battery: by now, the connoisseurs within the nation appear to search 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. Really, BYD has completed a fantastic 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 obtained practically half of Colombia’s EV marketplace for itself!

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

Mannequin-wise, July was dominated by the three “reasonably priced champions” talked about above, from least to dearer, 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 up to now, nevertheless, the record is completely 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 out there), 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 may properly preserve its place via the remainder of the yr. The bronze goes to the BYD Track Plus, the preferred PHEV within the nation, but it surely’s virtually 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 means out, however, being bought at $40,000, it makes a superb omen for the upcoming Equinox EV (a greater automobile in all features) as long as they’ll promote it at an identical 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.

Last 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 would stay so for not less than a number of months.

And but, I can solely suppose on what comes subsequent. The Seagull has arrived with a bang, but equally reasonably priced EVs for different automakers (JAC, Changan, JMC) are failing to realize traction. The Yuan Up is a game-changer for positive, however it may possibly’t make a transition by itself. The place are the reasonably priced 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 deliver 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 presupposed to arrive a number of months in the past however by no means did. I typically marvel if Elon fired the folks answerable for that.

It’s Kia that I’ve the 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 — might be a sport changer with a far bigger influence 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 arrogance of the costumer.

Ultimately, 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 concerning the one stand being out-of-order, successfully leaving vacationers stranded. This needs to be mounted beforehand, however I doubt it is going to be, and that might take momentum off the transition sooner or later within the close to future.

For now, although, the solar shines and the sky’s vivid 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 ponder if Colombia may surpass both by the top of the yr, fulfilling an omen I’ve been prophesizing for some time: that creating nations will transition sooner than developed ones.

It’s a protracted shot, however the sport is simply beginning.