Brazil breaks record of electric car purchases

Brazil’s electric vehicle market saw significant growth in 2024, with sales surging 89% year-over-year to 177,538 units. This spike in demand drove EV imports to a record-high $1.6 billion, a 107.7% increase from the previous year, according to data from the Ministry of Development, Industry, Trade, and Services.

Foreign trade expert Rogério Marin expects the electric mobility market to continue expanding in 2025, fueled by several factors. An increasing variety of models and new automakers entering the market are intensifying competition, while the price gap between EVs and conventional vehicles is narrowing. Consumer awareness is improving, and charging infrastructure is expanding nationwide, reducing concerns over driving range.

“We anticipate sustained growth in this sector, driven by Brazilian consumers’ growing preference for sustainable and cost-effective alternatives,” said Marin. “Even with higher import tariffs, EV imports accounted for more than 40% of total imports last year, solidifying Brazil as a key market and attracting investment from major Chinese automakers like BYD and GWM, as well as new entrants such as Zeekr and Denza.”

São Paulo led the country in EV registrations in 2024, with 56,819 new electric vehicles hitting the road. Brasília followed with 16,061, trailed by Rio de Janeiro (12,841), Paraná (12,056), and Santa Catarina (11,500), according to the Brazilian Electric Vehicle Association (ABVE).

The rapid expansion of charging infrastructure last year helped ease range anxiety, a key barrier to EV adoption. ABVE data shows the number of charging stations nearly tripled compared to 2023, surpassing 12,000 units by December.

“As Brazil ramps up its EV charging network, some automakers are betting on plug-in hybrids, which combine battery power with gasoline engines,” Marin said. He noted that electric vehicles are projected to become cheaper than their internal combustion counterparts before the end of the decade. “Once that happens, the shift will be irreversible. Lower operational costs will combine with declining purchase prices, making EVs the obvious choice.”

Source: Portal Zumm

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