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Colombia Autos Report 2010Published by: Business Monitor International Published: Nov. 10, 2009 - 40 Pages Table of Contents
AbstractBMI has lowered its sales forecast for Colombia in 2009, as reflected in the latest Colombia AutomotivesReport. While posting positive sales figures for 2008, the global economic crisis is inevitably taking itstoll on Colombia’s car industry.According to industry data, wholesale vehicle sales reached 217,048 units in 2008 down by 16% year-onyear(y-o-y) after hitting an all time record in 2007. General Motors (GM) maintained its lead on themarket, with sales totalling 77,754 units, giving the carmaker a market share of nearly 36%, despite an18% y-o-y fall in its sales in the market. GM was followed by Renault (26,845 units) and HyundaiMotors (21,492 units). Both carmakers reported a fall in sales for the year. The drop in overall sales lastyear may be attributed to higher interest rates and the resulting impact on credit facilities, a weaker pesoand higher running costs. BMI expects sales to fall by around 7.5% in 2009 to 200,000 in line withindustry expectations. In terms of company news, GM’s Colombian subsidiary General Motors Colombia has unveiled plansto export some 10,000 vehicles to Venezuela in 2009. GM Colombia's President Santiago Chamorrorevealed that the manufacturer plans to assemble these vehicles at its facility in Bogotá and export them tobe sold in the Venezuelan market where the company is targeting sales totalling 200,000 units by the endof 2009. GM is also looking to consolidate its position in the commercial vehicle segment with a new joint venturewith Isuzu Motors, GM-Isuzu Camiones Andinos de Colombia Ltda. The venture aims to strengthenthe long-standing business ties between the two partners and focus on the expansion of the commercialvehicle segment in Colombia. The new company will focus exclusively on the marketing, sales, serviceand after-sales of commercial vehicles. Vehicles would continue to be sold under the Chevrolet brand butwill feature a ‘Technologia Isuzu’ sub-brand. Get Full Details About This Report >> |
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