The initiative to replace traditional yellow taxis with green, electric ones in Medellín, Colombia, has hit a significant roadblock, achieving only 3.8% of its ambitious target of having 500 electric taxis on the road. Several issues have hampered progress 398 days after the announcement by the local government, including high vehicle costs, limited availability, and fluctuating bank interest rates.
One electric vehicle can cost up to $130 million COP, more than double the price of a new fuel-powered car, and proposed incentives have been deemed insufficient by stakeholders. Presently, only 19 electric taxis are operating, despite a further 88 drivers waiting to acquire one. Solutions, like extending the application resolution and discussing special credit lines with the National Government, are in the works to try and salvage the environmentally-friendly transition.