Car Sales Continue To Rise In Colombia

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The Colombian car market continues to enjoy sales growth. In January, vehicle sales in the country rose by 52.1% year-on-year to 18,698 units, with local assemblers accounting for 65.5% of sales. Sales were lifted by a reduction of VAT on imports of cars with engines of up to 1.4 litres from 35% to 25%, with the strongest growth seen in imported brands. Moreover, tax cuts reduced vehicle prices at a time of strong economic growth.