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We’re again with our report on EV gross sales in Latin America! There are some novelties, however, opposite to my expectations, the gap between the laggards and the leaders is definitely rising: which means the primary a part of the report will probably be filled with dangerous (or, at finest, “meh”) information, whereas the final half will probably be filled with thrilling adjustments.

That is more likely to be the final report of this sort I write. In late 2023, the transition began to hurry up in a number of nations, so there’s extra to report than could be mentioned in a few paragraphs each six months. In the meantime, different nations are mainly stagnant. Due to this, I’ll attempt to preserve bi-annual or yearly studies for the least electrified markets, however I’ll begin writing gross sales studies extra usually relating to nations the place EVs are advancing quickly: I already hinted at this with the information on Brazil’s spectacular development in H2 2023.

A few of it’s possible you’ll discover there are Latin American nations lacking from this checklist. This primarily has to do with info on these markets being unavailable. I’ve searched far and broad, however if in case you have entry to information for any of the nations I’m lacking (Honduras, Nicaragua, Guatemala, Cuba, Venezuela, Bolivia, and Paraguay), please be happy to remark and I’ll you should definitely add them within the subsequent report.

Having mentioned that, let’s start! Do not forget that BEV or PHEV information will probably be offered relying on what’s out there for every specific nation.

#12. Argentina (0.08% BEV market share)

Argentina closes 2023 on a grim, if technically optimistic, word. BEV market share grew barely to 0.8%, up from 0.6% in 2022. At this level, the Argentinian market has what I wish to name a “symbolic” BEV presence, the place the few autos which are bought are primarily a curiosity. BEV gross sales grew by 47%, reaching 384 models, however the total market grew by 10% (to 449,438 models), so BEV market share barely moved.

As a testomony to how protectionist the Argentinian market is, the domestically produced Tito Corradir completely dominated, with 73% market share from 280 models bought. The 4.5kW motor, 8kWh battery mini-car is bought within the native market at a value that ranges from $8,000 to $17,000. Following, but far behind, was the Ford Mustang Mach-E, with 30 models bought.

Argentina stays beneath 0.1% market share, nonetheless removed from the symbolic 1% market share most nations in Latin America are already closing in on, and even surpassing. I’ve no large expectations for this market in 2024.

#11. Peru (0.3% plug-in car market share)

Peru has offered important development YoY, however the total EV market stays very low, with solely 0.3% plug-in car market share in 2023. That’s from practically equal numbers of BEVs (267 models) and PHEVs (289 models). When a market sits this low, 102% development YoY is definitely underwhelming. Regardless, even when gross sales remained beneath 100 models a month, the expansion development in 2023 was clear. I anticipate 2024 to proceed or, hopefully, enhance this. Who is aware of? Maybe Perú may even pull off development this 12 months like Brazil did in H2 2023….

Peru’s complete car market (for gentle and heavy autos) consisted of 181,812 models in 2023, so the 556 models bought in 2023 stand, as soon as once more, at a merely symbolic stage. Even worse, BEV market share in Peru sat at solely 0.15% — so, it isn’t removed from Argentina’s abysmal place. We’ll see how the market does in 2024.

#10. Ecuador (0.5% BEV market share)

Greater than every other market, it was Ecuador that required most of my effort and a focus to construct this report. Not as a result of development was appreciable, nor as a result of there have been attention-grabbing issues occurring … however as a result of the official studies from late 2023 didn’t coincide with these from early 2023.

Consider me, pricey readers, after I let you know that it was a nightmare first to find after which to research the numbers, however after a couple of hours of labor, I lastly discovered the offender: Nissan. Particularly, the Hybrid Nissan X-Path … which, for some unfathomable motive, was categorised as a BEV beginning with the October report. That tousled all the info from then onwards. It appears Nissan scored an enormous one with the “E-Energy” branding, one way or the other convincing the Ecuadorian authorities that its common non-plug-in-hybrid (with a 2.1kWh battery) was a completely electrical car. I’m questioning at this level in the event that they bought any advantages out of this, as a result of there have been extra X-Path bought in Ecuador than total BEV gross sales (which skewed the numbers fairly a bit).

However sufficient complaining. It seems that BEV gross sales grew 70% YoY, reaching 744 models in 2023 and, for the primary time, surpassing 100 gross sales a month. As soon as once more, this consists of gentle and heavy autos.

Ecuador’s complete market stood at 134,037 gross sales, so, even when BEV market share practically quadruples that of Peru, we’re nonetheless distant from a significant presence right here. Nevertheless, Ecuador’s state of affairs appears to be higher: EVs are receiving important authorities help, and a charging community is being constructed. Ecuador is among the nations with the most important Chinese language presence, and by late 2023, it bought a lot nearer to reaching 1% BEV market share (truly surpassing it in October). 2024 ought to convey attention-grabbing information.

Main the market have been BYD (223 models) and Audi (136), which collectively bought practically 50% of gross sales within the nation. It’s doable I could must revise Ecuador’s numbers (hopefully upwards) as soon as extra exact info is revealed.

#9. Chile (0.7% plug-in car market share)

Of all nations the on this report, Chile comes as the largest shock.

It’s a rich nation with the most effective charging networks within the area. It’s fairly lengthy for positive, however many of the inhabitants lives within the Santiago–Valparaiso space, which is sort of small. EVs obtain important help, together with electrical buses, of which Santiago has greater than every other metropolis on the earth exterior of China. Moreover, EVs are cheaper than in most different nations within the area. And but, it stays behind many others, when by all metrics it needs to be one of many leaders.

Plug-in registrations elevated by a mere 18% in 2023, with BEVs rising 22%. Within the context of a falling market (-27%), this meant a rise in market share from 0.5% in 2022 to 0.7% in 2023 (0.5% BEV). So, there’s development, however … I’d’ve anticipated way more.

Chile’s complete gentle car market stood at 313,865 models in 2023, nicely beneath the 426,816 models of 2022, putting it in third place in South America (behind Brazil and Argentina). That’s down from second place a 12 months earlier than. Tesla’s arrival could shake issues up in 2024, so there’s hope there.

In 2023, the market was dominated by Chinese language producers, with the SAIC Maxus and Geely’s Maple main in gross sales, adopted by Kia, BYD, and MG.

#8. Dominican Republic (0.7% BEV market share)

We end this primary a part of our report with the Dominican Republic, which, frankly, doesn’t current a lot info to work with. Nevertheless, we have been capable of finding out that 936 BEVs have been bought in 2023, which quantity to 0.73% of the 126,914 complete gross sales on this nation. Yr on 12 months development was not doable to calculate, however it appears BEV gross sales in 2022 have been already round 700, so development was fairly underwhelming in any case.

As with Chile, I discover the numbers in Dominican Republic disappointing. The nation is small (not more than 500 km of vary wanted to go from one excessive to the opposite), is comparatively affluent, and lacks oil reserves. Even then, EV market share is rising fairly slowly, way more slowly than I’d anticipate in these circumstances.

Anticipate the second a part of this report quickly! And don’t despair — subsequent, we enter the land of markets with extra important market share and sturdy development. Keep tuned!