The government announcement about reducing credit interest rates came as Colombian new car sales fell 23% YTD though month on month sales in March rose 2.9% to 22,888 units, the best month in 2013 so far.

Q1 data showed trucks as the worst performing segment (-49.1%) due to a change in the fleet modernisation policy. Next was pickup trucks that fell -42.8% because in new tariffs and taxes resulted in an 8% price increase. Buses fell 30.1%, vans 25.1%, passenger cars 20.1% and taxis 13.7%.

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The only growth segment was SUVs (+19.2%) thanks to popular vehicles like the Renault Duster and Chevrolet Tracker.

Colombia’s GDP growth goal in 2013 is 4.8%, a figure that could help car sales to reach 300,000 units. Nonetheless, some analysts are not that optimistic because, they say: “The Colombian economy contracted from a GDP of 6.6% in 2011 to 4.0% in 2012 and it will be is pretty difficult to reach that 4.8% predicted by the government.”

The market top 10 was: Chevrolet, 17,523 units (26.4% market share and -26.7% of reduced volume); Renault, 8,414 (12.7% and -16.5%); Kia, 6,551 (9.9% and -6.5%); Hyundai, 6,201 (9.3% and -24.3%); Nissan, 4,853 (7.3% and -30.8%); Ford, 3,178 (4.8% and 37.1%); Toyota, 3,044 (4.6% and -7.1%); Mazda, 2,080 (3.1% and -19.3%); Volkswagen, 1,537 (2.3% and -33.1%); and Suzuki, which returned to Colombia last year, sold 801 vehicles with 1.2% market share.

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On the other hand, the premium segment is still growing: in Q1 sales were  up 31%, with Audi leading with 135% of increase (from 225 to 530 units) and, in terms of growth, followed by Land Rover, +78.6% (from 42 to 75); Mercedes Benz, +23.2% (from 315 to 338) and BMW, +2.1% (from 420 to 429). 

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Porsche, Jaguar and Volvo are the premium brands losing market share but the Swedish brand has a better forecast due to an importer change from Grupo Chaneme (Colombian  representative since 1953) to SK Bergè (a Spanish-Chilean dealer, also representing Chrysler group brands in Colombia).

The Colombian peso revaluation against the US dollar is the main reason the mix between assembled and imported brands has changed: 10 years ago the market was almost 50-50, but in Q1 2013 it was 28-72.

Last month’s launches were: Mercedes Benz A Class, BMW M135i, Suzuki Dzire, Ford Fusion, Peugeot 208 and 301, Toyota Rav4, Subaru Forester and Jeep Grand Cherokee SRT.