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Not way back, Brazil’s BEV gross sales had been symbolic: a fraction of a fraction. However the second half of 2023 has damaged document after document, breaking all expectations and shutting in on 3% BEV share in December, 700% development YoY.
As I began accumulating knowledge for the 2023 report on EV market share in Latin America (one thing I’m engaged on and can current as quickly as Mexico and Ecuador publish their numbers), and particularly when downloading Brazil’s numbers … one thing felt odd.
The numbers made no sense. The expansion was blatantly absurd, not according to earlier intervals of time. Brazil’s EV market had been lackluster for years, exhibiting small development and having a tough time reaching even 0.5% BEV market share (with PHEVs doing a lot of the heavy lifting).
If you happen to keep in mind our report on H1 2023, Brazil’s BEV market share was a pittance: 0.4%, with lower than 800 BEV gross sales a month. Therefore my shock after I noticed that December’s report stood at 6,008 BEVs bought, a 670% improve YoY and a sixfold improve from July 2023.
At first, I assumed it was a mistake … however then the info checked out with different sources. It seems Brazil’s efficiency in H2 2023 has blown all expectations out of the water. Regardless that a extra complete report is coming, I felt the nation deserved a particular point out.
BYD’s Influence
It’s clear that Brazil’s huge BEV development comes primarily from one supply: BYD. Or, particularly, BYD’s upcoming manufacturing unit in Camaçari, within the Brazilian state of Bahia, which is able to begin manufacturing in 2025. The promise of native manufacturing paired with the arrival of the BYD Dolphin in Brazil at 149,700 Brazilian reales ($30,385 USD) appears to have labored in two other ways: for one, it compelled competitors to decrease its costs, making the EV market extra aggressive total; for an additional, it gave BYD native recognition, permitting it to dominate the rising market within the latter half of 2023.
The result’s clear. BYD is the biggest vendor within the plug-in section, and Brazil’s BEV gross sales have principally exploded:
Brazil’s BEV Gross sales 2022–2023
General plug-in gross sales nonetheless look spectacular as a result of PHEVs additionally grew by an astounding charge of 400% YoY, which solely feels lackluster due to the superb efficiency of BEVs. In December, for the primary time in historical past, BEV gross sales surpassed PHEV gross sales in Brazil.
Brazil’s Plug-in Gross sales 2022–2023
Brazil’s whole plug-in market share for 2023 was 2.4% (0.9% BEV), up from 1% in 2022. Nonetheless, that features the sluggish months of the primary half of the yr. If we glance solely at December, plug-in market share was an astounding 4.8% (2.5% BEV), up from 1% in December 2022!
What’s extra spectacular is … even with all this development, Brazil maintained its place within the regional rating because the nation with the 4th largest plug-in market share. The rostrum remained the identical, with Colombia, Uruguay, and Costa Rica additionally presenting important development. Count on extra data within the total report, which needs to be coming quickly.
In any case, Brazil’s efficiency has been completely spectacular, and it stays to be seen how gross sales will behave in 2024. It’s potential January will probably be a weak month, nevertheless it’s additionally potential that the development continues and we see much more EVs within the first months of this yr. Keep tuned!
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