Colombian motor vehicle sales fell 24% in June to 16,125 units compared with the same month in 2007, according to data released by the industry group Comite Automotor.
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Vehicle sales fell 11% to 110,005 units in the first half of the year from the same period in 2007, when 123,386 vehicles were sold, the group reported.
“Like many sectors in the economy that are decelerating, sales of cars have also been hit by high interest rates,” Daniel Escobar, head of research at local brokerage Gesvalores, told Dow Jones.
The Colombian economy is cooling in response to higher interest rates.
GM topped the sales rankings in June with 5,404 units, down from 7,601 in June 2007.
Renault took the No. 2 spot, with 1,722 units in June, down from 3,375 units in the same month last year.
