Electric Car Sales Soar in Brazil

In 2023, Brazil experienced a 91% increase in electric car sales compared to the previous year.

The Brazilian Electric Vehicle Association (ABVE) shared this news. They reported selling 93,927 electric cars in 2023. This was a big jump from 49,245 in 2022.

Electric cars are now 5% of all cars sold in Brazil. ABVE’s President, Ricardo Bastos, spoke about this growth.

He said these sales show that the market is growing fast. In December, electric car sales were very high.

They were 191% higher than the year before. That month, 16,279 electric cars were sold.

Bastos praised Brazil’s Mover program. This program helps the car industry use new technology.

Brazil is a top carmaker in Latin America. The program helps companies plan their spending better.

It focuses on different types of cars. This includes buses and trucks. It also helps build places to charge electric cars.

Bastos believes this program will make it easier for companies to invest in these areas.

Background

Brazil imported 47.1% of its electric cars from January to August from China and bought 3,367 electric vehicles from this country, spending US$59.73 million.

Gas-powered cars still rule Brazil’s roads in 2023, with a 74.1% market share. Electric cars hold just a 5% share.

Among the top six countries selling cars to Brazil, only 3.4% are electric.

Brazil’s electric car market is young. The country started importing them in 2017. Half came from China, while France and the U.S. sent 22 and 3 cars, respectively.

Many expect Brazil to produce electric cars soon.

On July 4, Chinese car maker BYD announced a US$3 billion investment in Bahia. This project will create 5,000 jobs.

BYD is a leading global maker of electric vehicles. In Bahia, BYD plans to make electric and hybrid vehicles.

The company will also produce electric buses and truck chassis.

BYD

BYD’s new electric sedan, the Seal, has debuted in Brazil, positioning itself as a strong competitor to Tesla’s Model 3.

Swiss bank UBS decided to study this Chinese car closely. After a thorough check, experts have a clear message: competitors should take notice.

The Seal shines for a roomy interior, 5G support, and a rotating screen in the middle. Plus, it’s cheaper than the Model 3 by up to 20%.

UBS applauds BYD’s unique battery design. This feature adds more legroom in the car. The slim battery also lowers wind resistance, creating more cabin space.

UBS believes Chinese automakers like BYD are here to stay. They could dominate the global market for electric cars.

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