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Friday, February 9, 2024

Latin America 2023 EV Gross sales Report, Half 1: The Laggards (Argentina, Perú, Ecuador, Chile, Dominican Republic)

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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 space between the laggards and the leaders is definitely rising: because of this the primary a part of the report might be filled with dangerous (or, at greatest, “meh”) information, whereas the final half might be filled with thrilling modifications.

That is prone to be the final report of this type I write. In late 2023, the transition began to hurry up in a number of nations, so there’s extra to report than might be mentioned in a few paragraphs each six months. In the meantime, different nations are mainly stagnant. Due to this, I’ll attempt to keep bi-annual or yearly experiences for the least electrified markets, however I’ll begin writing gross sales experiences extra typically concerning nations the place EVs are advancing quickly: I already hinted at this with the information on Brazil’s spectacular progress 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 data on these markets being unavailable. I’ve searched far and large, however you probably have entry to information for any of the nations I’m lacking (Honduras, Nicaragua, Guatemala, Cuba, Venezuela, Bolivia, and Paraguay), please be at liberty to remark and I’ll remember to add them within the subsequent report.

Having mentioned that, let’s start! Keep in mind that BEV or PHEV information might be introduced relying on what’s out there for every explicit 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 prefer to name a “symbolic” BEV presence, the place the few automobiles which are bought are primarily a curiosity. BEV gross sales grew by 47%, reaching 384 items, however the general market grew by 10% (to 449,438 items), 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 items 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 items bought.

Argentina stays under 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 introduced important progress YoY, however the general EV market stays very low, with solely 0.3% plug-in car market share in 2023. That’s from almost equal numbers of BEVs (267 items) and PHEVs (289 items). When a market sits this low, 102% progress YoY is definitely underwhelming. Regardless, even when gross sales remained under 100 items a month, the expansion pattern in 2023 was clear. I anticipate 2024 to proceed or, hopefully, enhance this. Who is aware of? Maybe Perú might even pull off progress this yr like Brazil did in H2 2023….

Peru’s complete car market (for mild and heavy automobiles) consisted of 181,812 items in 2023, so the 556 items bought in 2023 stand, as soon as once more, at a merely symbolic degree. 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 another market, it was Ecuador that required most of my effort and a focus to construct this report. Not as a result of progress was appreciable, nor as a result of there have been fascinating issues occurring … however as a result of the official experiences from late 2023 didn’t coincide with these from early 2023.

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

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

Ecuador’s complete market stood at 134,037 gross sales, so, even when BEV market share almost quadruples that of Peru, we’re nonetheless distant from a significant presence right here. Nonetheless, Ecuador’s scenario appears to be higher: EVs are receiving important authorities assist, and a charging community is being constructed. Ecuador is without doubt one of the nations with the most important Chinese language presence, and by late 2023, it acquired a lot nearer to reaching 1% BEV market share (really surpassing it in October). 2024 ought to convey fascinating information.

Main the market had been BYD (223 items) and Audi (136), which collectively acquired almost 50% of gross sales within the nation. It’s attainable I’ll have to revise Ecuador’s numbers (hopefully upwards) as soon as extra exact data is printed.

#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 probably the greatest charging networks within the area. It’s fairly lengthy for certain, however a lot of the inhabitants lives within the Santiago–Valparaiso space, which is sort of small. EVs obtain important assist, together with electrical buses, of which Santiago has greater than another metropolis on this planet outdoors 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 ought 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 progress, however … I’d’ve anticipated far more.

Chile’s complete mild car market stood at 313,865 items in 2023, effectively under the 426,816 items of 2022, inserting it in third place in South America (behind Brazil and Argentina). That’s down from second place a yr earlier than. Tesla’s arrival might 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 data to work with. Nonetheless, we had been capable of finding out that 936 BEVs had been bought in 2023, which quantity to 0.73% of the 126,914 complete gross sales on this nation. Yr on yr progress was not attainable to calculate, nevertheless it appears BEV gross sales in 2022 had been already round 700, so progress 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, far more slowly than I’d anticipate in these circumstances.

Count on 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 progress. Keep tuned!

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