BEV Gross sales Shoot Previous All Expectations in Brazil in December, Rise 700%!

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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 file after file, breaking all expectations and shutting in on 3% BEV share in December, 700% progress YoY.

As I began accumulating information 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, displaying small progress and having a troublesome time reaching even 0.5% BEV market share (with PHEVs doing many of the heavy lifting).

When you 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 once 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 believed it was a mistake … however then the information checked out with different sources. It seems Brazil’s efficiency in H2 2023 has blown all expectations out of the water. Despite the fact 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 progress comes primarily from one supply: BYD. Or, particularly, BYD’s upcoming manufacturing facility in Camaçari, within the Brazilian state of Bahia, which can 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 pressured 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 most important vendor within the plug-in section, and Brazil’s BEV gross sales have principally exploded:

Brazil’s BEV Gross sales 2022–2023 

Total plug-in gross sales nonetheless look spectacular as a result of PHEVs additionally grew by an astounding fee 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 complete 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 progress, 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 progress. Count on extra info within the total report, which must 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 shall be a weak month, but it surely’s additionally potential that the pattern continues and we see much more EVs within the first months of this yr. Keep tuned!