Latin America EV Sales Report, Part 3: the leading podium (Colombia, Uruguay, Costa Rica) And so we get to the last part
And so we get to the last part of our report, regarding the three countries leading the region in EV sales. This podium has been stable for years, but, if the situation in January is to last, important changes could be upon us. However, as far as 2023 goes, these were still the leading countries in the region.Third in our ranking is Colombia, a country with a relatively small car market compared to its population.
In recent years, the market has gravitated towards 30% PHEV and 70% BEV, with PHEVs gaining more traction since BYD brought its DM-i line into the country. Since the overall market is falling, market share has actually increased by quite a bit more than total sales.the country was not far from reaching 5% plug-in vehicles in December, but the rate of growth seems disappointing. Colombia is bound to lose its position on the podium if it doesn’t speed up in 2024.
Either that or a significant price reduction that brings EVs closer to price parity with ICEVs. Several brands have announced price cuts in the last few weeks, including JAC, Renault, JMC, and Seres. However, the reduction is still small, and the country is in dire need of more affordable prices if EVs want to have any hope of becoming mainstream.
Uruguay has a very comprehensive charging network and significant benefits from EVs. It also has a very competitive market where, according to local media, average EV prices went down by 11% between 2022 and 2023, making them more affordable for people. The government is also providing incentives for taxis: 100 of them were given in 2023, but there’s no information on how many are planned for 2023.
Costa Rica was already ahead of the region in 2019, but growth in later years was not particularly high . However, things sped up dramatically in 2023, with 204% growth year on year! And so far in 2024 things are also looking bright, as Costa Rica sold 96% more EVs last month than in January 2023, making it the best-selling EV month in the country’s history!
Model wise, once again we have significant presence from the Chinese, but in this case, four European models managed to make it into the top 10:
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