Brazil's Electric Vehicle Market Booms Registrations Surpass 2023 Total, Chinese Makers Compete
TapTechNews August 12th news, according to the Brazilian Electric Vehicle Association (ABVE), in July this year, the registration of electric vehicles in Brazil reached 15,312 units, with a month-on-month growth of 6.4% and a year-on-year growth of 105%, setting the second highest monthly sales volume in history, second only to December last year (16,279 units).
Since the beginning of this year, in order to seize the growing electric vehicle market in Brazil, General Motors, Volkswagen, Hyundai, Toyota and others have successively announced investments in Brazil, all with a scale of more than 1 billion US dollars. Stellantis, the world's fourth largest automaker, plans to invest more than 6 billion US dollars by 2030, which is the most among all.
Chinese automakers are also competing for the Brazilian market. In the first half of this year, the number of complete vehicles exported from China to Brazil reached 171,000 units, with a year-on-year increase of as high as 488%. Brazil has also become the third largest export destination country for Chinese cars, second only to Russia and Mexico.
In addition, the registration of electric vehicles in Brazil in the first 7 months of this year (94,616 units) has already exceeded the total of 2023 (93,927 units). The data in July strengthened the ABVE's prediction that there will be a total sales volume of more than 150,000 electric light vehicles by the end of this year in Brazil.
From January to July, 301 light electric vehicles were sold in Brazil, an increase of 21% compared to 2023 (248 units). Plug-in vehicles accounted for 66% (198 units), pure electric vehicles (122 units) accounted for 62%, plug-in hybrid vehicles (76 units) accounted for 38%, and the remaining 34% were hybrid vehicles without external charging (HEV, HEVFlex and MHEV).
TapTechNews noticed that in terms of sales volume, BYD, Great Wall Motors, and Toyota ranked the top three brands in the sales volume of light electric vehicles in Brazil in July, among which BYD alone led the way with 6,082 units.
