Home Electric Vehicle Latin America EV Market Share H1 2023, Half 1: Story of the Laggards — Argentina, Peru, Ecuador, & Panama

Latin America EV Market Share H1 2023, Half 1: Story of the Laggards — Argentina, Peru, Ecuador, & Panama

Latin America EV Market Share H1 2023, Half 1: Story of the Laggards — Argentina, Peru, Ecuador, & Panama


Time flies. The primary half of 2023 has already been over for some time, and the EV transition is accelerating, so we’re bringing information from a area usually forgotten when talking about electrical autos: Latin America.

We’ll divide this sequence of articles into three components: the laggards, the center of the pack, and the leaders. For every, we are going to current three international locations with some element, plus one honorable (or dis-honorable) point out, relying on the circumstances. The knowledge will probably be offered on the element allowed by the supply (usually, a authorities establishment or EV-promoter affiliation), so some international locations may have extra detailed info than others: in some instances, we will current mild and heavy-duty autos and embody PHEVs; in others, we must current solely mild autos (or all autos) and solely BEVs. We’ll give attention to 4-wheelers, so three-wheelers and bikes/scooters is not going to be a part of this evaluation.

That being mentioned, let’s begin!

Dishonorable point out: Argentina (0.06% BEV market share)

We begin this text with the dishonorable point out. Argentina is a comparatively large, comparatively rich nation, and but the presence of EVs there’s so marginal that it’s not even current in official statistics (which largely seek advice from “electrified autos,” together with HEVs and even MHEVs).

407,532 autos have been bought in Argentina in 2022. Of those, 261 have been BEVs, presenting a formidable market share of … 0.06%.

That’s proper, people, Argentina is the one nation in our total listing but to surpass not 1%, however 0.1% BEV. Electrical autos within the nation are principally a margin error, a statistical anomaly, and regardless that PHEVs might be able to carry plug-in market share to 0.1%, we will’t know, as a result of they aren’t labeled individually from HEVs.

Within the first half of 2023, issues have considerably improved, with 170 BEVs being bought in a market totaling 235,100 models. That brings market share as much as … 0.07%! I wouldn’t be holding my breath right here. Argentina appears more likely to stay a laggard within the foreseeable future, although imports from Brazil should still change the path of the market. Not many particulars about BEV gross sales may be discovered on-line, however plainly the regionally produced Tito Corradir stays probably the most bought BEV within the nation.

#9. Perú (0.2% plug-in market share)

In contrast to Argentina, Peru at the least has already surpassed 0.1% market share, presenting 110 BEVs and 96 PHEVs in H1 2023 in a market totaling 94,983 models. All in all, BEVs and PHEVs correspond to 0.1% of the market every. That greater than doubles Argentina’s market share!

Jokes apart, it’s clear that Peru has a marginal EV market share, and although issues appeared to be rushing up in 2022 (when gross sales tripled, as in comparison with 2021), 2023 has to this point proven disappointing outcomes, with solely a 50% improve. Usually, that might be excellent news, however once we’re ranging from a place so low, much more is required to maintain the optimism.

There’s a common pattern that, each time a rustic has marginal EV market share (similar to Peru and Argentina), all information shops current “electrified” gross sales as an alternative of BEVs or PHEVs, so it’s exhausting to search out plug-in gross sales leaders. In Peru’s case, we have been capable of finding out that the Toyota RAV4, the Volvo CX40 and CX90 (all PHEVs) comprise the rostrum for H1 2023.

#8. Ecuador (0.7% plug-in market share)

Subsequent in our listing is Ecuador, and regardless that numbers stay low, we’re nearly reaching the symbolic 1% milestone right here.
In H1 2023, 69.947 autos have been bought in whole within the small equatorial nation (pun supposed), with 303 of those being BEVs and 180 PHEVs. Moreover, plug-in gross sales greater than doubled from H1 2022, with BEVs rising 87% and PHEVs rising 246%. Now, these are the charges that make one maintain the optimism on!

The rising pattern for EVs in Ecuador has sparked the curiosity of Terpel Voltex, Colombia’s largest fast-charging community, which entered the nation with a 94kW fast-charging station in Guayaquil final month. Nonetheless, the corporate appears to have foregone the teachings discovered within the Colombian market, and nonetheless opted for the CHAdeMO plug over the much more wanted GB/T.

Ecuador nonetheless belongs to the aforementioned group the place “electrified” automobiles are all listed collectively, however we nonetheless discovered that the Audi E-Tron (43 models) and the Mercedes GLE line (33 models) have been the plug-in leaders.

#7. Panama (0.8% plug-in market share)

And we end our first half with a tragic word, for even the chief of the laggards stays underneath the symbolic 1% milestone. Issues will get higher in our subsequent chapter, so there’s that.

In contrast to Peru and Ecuador, Panama doesn’t appear to have any official establishment publishing numbers for month-to-month gross sales. H1 whole gross sales couldn’t be discovered, however based mostly on earlier years’ traits, and the numbers for Q1, we calculated them to be round 23.000 autos (give or take a number of), 157 of which have been BEV and 24 PHEV. Gross sales in H1 2023 practically attain the overall numbers for 2022, which means a fast-growing market right here as nicely:

Panama can be desirous about selling Electrical Buses and taxis and has obtained -alongside Paraguay and Uruguay- 122 million USD to maintain advancing in its electrical technique.

Regardless of Panama being probably the most EV-friendly nation within the first a part of our listing, I need to admit my disappointment. By far, that is the wealthiest nation in your complete rating (and in Latin America), but it stays to this point behind many others, regardless that it has the sources and the geography to have the ability to quickly electrify, in that case it wished. However hey, at the least it’s not Argentina!

Fairly quickly, we’ll publish the second a part of the sequence, so keep tuned!


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