Latin America EV Market Share H1 2023, Half 2: The Rising Center (Chile, Mexico, Dominican Republic, & Brazil)
Following up on our Latin American EV Market sequence, we proceed now with nations which can be additional forward of the “Laggards” however can’t be thought of leaders. In case you haven’t learn it but, you will discover the earlier article right here: Latin America EV Market Share Half 1.
On this article, we’ll lastly see nations surpassing the symbolic 1% market share, in addition to meet among the quickest rising EV markets within the area. So, let’s start!
#6. Chile (0.6% plug-in market share)
Cue the collective indignation.
Positive, Chile is technically behind Ecuador and Panama in market share, however it has one of the full charging networks within the area and has just lately surpassed Colombia because the nation with the most important electrical bus fleet anyplace exterior of China. Despite the fact that issues aren’t as sizzling as they need to be, it is a nation that’s making an attempt, and I discovered it unfair to relegate it to the laggards group.
159,211 autos have been offered in Chile in H1 2023. Of those, 777 have been BEVs and 154 have been PHEVs, for a 0.5% and 0.1% market share, respectively. It’s necessary to make clear that the plug-in gross sales right here refer completely to gentle autos, because the official information doesn’t specify what number of electrical vehicles and buses have been offered on this interval (nor within the one earlier than it). In line with native newsletters, Chile bought 107 new buses in H1 2023, so the precise market share might be a bit larger, nearly reaching 0.7%. Nevertheless, heavy obligation autos don’t seem within the statistics we’ve entry to
Month-to-month Plug-in Automobile Gross sales in Chile (Gentle Automobiles)
A extra detailed have a look at the information presents Chile as a closely BEV-oriented market, with BEV gross sales growing 40% YoY however PHEV gross sales reducing by practically 40%:
Month-to-month BEV and PHEV Gross sales in Chile (Gentle Automobiles)
All this occurred amidst extreme inflation and a major discount in general car gross sales — the full market decreased 30% from H1 2022 to H1 2023. Because of this EVs stay compelling even amidst basic financial slowdowns and regardless of being way more pricey than their ICE opponents. Till costs come down, this development carry us hope for the transition within the area.
Finally, Chile lastly overcomes the curse of “electrified” autos and supply us a complete prime 10 that exhibits the Kia Niro because the undisputed gross sales chief within the nation:
Unsurprisingly, 6 out of the highest 10 are Chinese language fashions. Think about this an omen for the remainder of the world: the Chinese language are coming (in the event that they haven’t come but) … and so they carry reasonably priced EVs with them!
In different information, the BYD Dolphin arrived in Chile in July 2023. The fee for the 45kWh model can be $34,000. EVs, it appears, will stay costly within the nation for just a little bit longer. Although, we count on some model to start out a value conflict quickly. MG, maybe? The MG4 is a good possibility not but accessible there.
#5. Mexico (1% plug-in market share)
And, lastly, we arrive on the symbolic 1% market share milestone!
Now, I form of needed to cheat just a little bit with Mexico. See, the nation is lastly presenting information for plug-in autos (final time, I needed to manually kind the fashions that I may determine as BEVs, which inevitably led to under-counting). Nevertheless, regardless of a protracted look ahead to the nation to launch the information, I may solely discover it as much as Might, so we are going to solely be presenting information for the primary 5 months of 2023 on this case.
Not that it issues a lot. Mexico, lets say, is our Zero to Hero story for the yr. Not way back, the nation offered marginal EV gross sales not not like Argentina, however from 2021 onwards, the expansion price has been exponential (90% in 2021, 120% in 2022, 80% to date in 2023), permitting the nation to go from 0.1% market share in 2019 to 1% in 2023, a 10-fold improve in simply 4 years! In the course of the first 5 months of this yr 560,680 gentle and heavy autos have been offered in Mexico: 4,132 of them have been BEVs (0.75% share) and 1,966 have been PHEVs (0.35% share).
Plug-in Gross sales in Mexico (Gentle & Heavy Automobiles)
Practically all progress has come from BEVs, which offered an incredible 400% improve in 2022, and 190% YoY to date in 2023. PHEV gross sales, in the meantime, grew solely 30% in 2022 and are to date stagnant in 2023. This progress has occurred amidst a growth in car gross sales, with 22% progress in H1 2023 — although, it’s nonetheless 30% below the numbers of 2019.
BEV and PHEV Month-to-month Gross sales in Mexico
Mexico can be the most important ICE and EV producer in Latin America, and its lead ought to solely develop within the years to return as model after model chooses it for his or her EV manufacturing within the area. Biden’s IRA (Inflation Discount Act) appears to have had a big effect right here, and each legacy and new manufacturers are establishing their retailers in Mexico — most necessary of all Tesla, but additionally JAC, Kia, BMW, GM, Ford, Audi, Jetour, MG, and possibly no less than just a few others that I’m lacking. Funnily sufficient, we don’t know of BYD having plans for manufacturing in Mexico, having as a substitute chosen Brazil.
Sadly, gross sales per model or mannequin should not accessible to date. Although, most information shops count on the small, regionally produced JAC E10X to maintain the reign in 2023 as a result of its reasonably priced(ish) value: $26,000.
Honorary point out: Dominican Republic (1 to 2.5% BEV market share in 2022)
The Dominican Republic is a related participant within the EV panorama in Latin America. Nevertheless, the nation offers no entry to public information and isn’t giant sufficient to make it to the regional newsletters, so it is extremely laborious to get any form of data.
Due to this, the latest information I may discover was for — brace yourselves — October 2022, when the nation’s gross sales totaled 598 BEVs to date for that yr. Even the Dominican newsletters dedicated to EVs (and there are a pair) don’t have newer information concerning nationwide gross sales. It appears the data merely doesn’t exist.
As for whole gross sales … effectively, let me inform you a comic story. The Dominican Republic has a really explicit classification for motor autos: you’ve gotten private autos, bikes, vans, buses, vehicles, all the conventional stuff … after which you’ve gotten jeep-like autos (yipetas). And these yipetas, I child you not, are probably the most offered sort of autos after bikes. Sure, extra widespread than common automobiles and SUVs.
Subsequently, BEV market share will rely upon whether or not you take into account these jeep-like autos as automobiles or not. If that’s the case, then 56,137 whole autos have been offered in Dominican Republic within the first 10 months of 2022, presenting a BEV market share of 1%. Nevertheless, if we exclude them and solely take into account “common” automobiles, 23,240 autos have been offered on this interval and BEVs rise to a powerful 2.5% market share.
This implies 10 months in the past the Dominican Republic offered a market share forward of every other nation to date on this listing right now. In line with regional media, BYD, Tesla, and Hyundai made the gross sales podium, in that order.
#4. Brazil (1.6% plug-in market share)
Final on our listing right now, we arrive at Brazil, Latin America’s largest automobile market by far.
Brazil, like Argentina, has a really protected market. Nevertheless, it’s been having much less financial hardship in current occasions, and it appears it additionally has a extra optimistic angle in the direction of EVs, which means a far bigger market share and plenty of extra EVs on the streets.
Within the first 6 months of 2023, 933,524 autos have been offered within the nation, 3,777 of which have been BEVs (0.4% market share) and 11,475 of which have been PHEVs (1.2% market share). Brazil is a selected case, as, in opposition to most different nations (that we’ve information for), Brazil has a stagnant BEV market (solely 11% progress in H1 2023) and booming PHEV gross sales (205% progress in H1 2023). Since Brazil’s whole car gross sales elevated in H1 2023 by over 30%, because of this this yr’s BEV share has really fallen YoY:
Month-to-month plug-in gross sales in Brazil (gentle and heavy autos)
We’re but to see if the current arrival of the BYD Dolphin — at a $31,000 value — and the worth conflict it appears to have began will enhance the state of affairs for BEVs, or if we must wait till BYD’s manufacturing unit is up and working to see Brazil’s numbers enhance. For now, regardless that it’s not very best, no less than it appears PHEVs are doing the lifting.
It’s maybe necessary to say that Brazil and Mexico current, by far, probably the most steady macroeconomic conditions within the area, having nearly managed inflation and thus presenting low rates of interest — therefore the booming car markets.
As for the leaders of the market, the data offered combines PHEV and HEV fashions, so it’s laborious to present an correct listing, however all prime 5 plug-ins offered in Brazil appear to be PHEVs. These are the Chery Tiggo 5X (PHEV/HEV), Volvo XC60 (PHEV), GWM Haval H6 (PHEV/HEV), Chery Tiggo 8 (PHEV/HEV), and BYD Music Plus (PHEV/BEV).
With this, we end the second a part of our report. Keep tuned for the ultimate half, involving the EV Transition leaders within the area!
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