Chinese car manufacturers are increasing their presence in the Central and South American markets with electric vehicles (EVs) and plug-in hybrid vehicles (PHVs). From January to April 2024, sales of new Chinese cars reached 48,000 units, eight times the number from the same period last year. Data released by the Brazilian Electric Vehicle Association shows that in 2023, sales of electric vehicles (EVs, PHVs, and hybrid vehicles (HVs)) increased by 91 percent compared to 2022, reaching a record high of 94,000 units. The top five sellers include three Chinese companies – BYD, Chery Automobile, and Great Wall Motors. In April 2024, those three manufacturers accounted for 7 percent of new car sales in Brazil.
In March 2024, BYD announced that it would double its investment from the original plan to 5.5 billion reais in its Brazilian production base. This will be Brazil’s first pure EV factory, expected to start production as early as the end of 2024, gradually reaching full production capacity of 300,000 units per year. BYD also plans to double the number of its sales showrooms in Brazil to 200 by the end of 2024.
Source: Nikkei, May 24, 2024
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