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 gap between the laggards and the leaders is definitely rising: which means that the primary a part of the report will likely be filled with unhealthy (or, at greatest, “meh”) information, whereas the final half will likely be filled with thrilling adjustments.

That is prone to be the final report of this sort I write. In late 2023, the transition began to hurry up in a number of international locations, so there’s extra to report than will be stated in a few paragraphs each six months. In the meantime, different international locations are mainly stagnant. Due to this, I’ll attempt to keep bi-annual or yearly studies for the least electrified markets, however I’ll begin writing gross sales studies extra usually concerning international locations 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 you might discover there are Latin American international locations lacking from this listing. This primarily has to do with data on these markets being unavailable. I’ve searched far and vast, however if in case you have entry to knowledge for any of the international locations I’m lacking (Honduras, Nicaragua, Guatemala, Cuba, Venezuela, Bolivia, and Paraguay), please be at liberty to remark and I’ll you’ll want to add them within the subsequent report.

Having stated that, let’s start! Keep in mind that BEV or PHEV knowledge will likely be offered 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, be aware. 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 autos which might be offered are primarily a curiosity. BEV gross sales grew by 47%, reaching 384 models, however the general 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 regionally produced Tito Corradir completely dominated, with 73% market share from 280 models offered. The 4.5kW motor, 8kWh battery mini-car is offered 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 offered.

Argentina stays beneath 0.1% market share, nonetheless removed from the symbolic 1% market share most international locations 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 automobile market share)

Peru has offered important progress YoY, however the general EV market stays very low, with solely 0.3% plug-in automobile market share in 2023. That’s from almost equal numbers of BEVs (267 models) and PHEVs (289 models). When a market sits this low, 102% progress YoY is definitely underwhelming. Regardless, even when gross sales remained beneath 100 models a month, the expansion pattern in 2023 was clear. I count on 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 automobile market (for gentle and heavy autos) consisted of 181,812 models in 2023, so the 556 models offered 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 progress was appreciable, nor as a result of there have been fascinating issues occurring … however as a result of the official studies from late 2023 didn’t coincide with these from early 2023.

Consider me, expensive readers, after I inform you that it was a nightmare first to find after which to investigate 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 information from then onwards. It appears Nissan scored a giant 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 automobile. I’m questioning at this level in the event that they obtained any advantages out of this, as a result of there have been extra X-Path offered 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 models in 2023 and, for the primary time, surpassing 100 gross sales a month. As soon as once more, this contains gentle and heavy autos.

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. Nevertheless, Ecuador’s scenario appears to be higher: EVs are receiving important authorities help, and a charging community is being constructed. Ecuador is without doubt one of the international locations with the biggest Chinese language presence, and by late 2023, it obtained a lot nearer to reaching 1% BEV market share (truly surpassing it in October). 2024 ought to deliver fascinating information.

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

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

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

It’s a rich nation with among the finest charging networks within the area. It’s fairly lengthy for certain, however many of the inhabitants lives within the Santiago–Valparaiso space, which is kind of small. EVs obtain important help, together with electrical buses, of which Santiago has greater than every other metropolis on the earth outdoors of China. Moreover, EVs are cheaper than in most different international locations 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 might’ve anticipated far more.

Chile’s complete gentle automobile market stood at 313,865 models in 2023, properly beneath the 426,816 models 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 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 data to work with. Nevertheless, we had been capable of finding out that 936 BEVs had been offered in 2023, which quantity to 0.73% of the 126,914 complete gross sales on this nation. Yr on yr progress was not potential to calculate, however 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 might count on 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 strong progress. Keep tuned!