Latin America’s Largest Market Reaches a 13.5% Electric Vehicle Market Share

Brazil has historically represented more than 40% of all vehicles sold in Latin America. It also accounts for a substantial share of the region’s vehicle manufacturing and is a major exporter, particularly within South America. For this reason, developments in Brazil have significant implications for the future of the automotive market across the region.

In May, the Brazilian market achieved a 13.5% electric vehicle market share, posting a robust 153% year-over-year growth rate. Of this total, 7.7% corresponded to battery electric vehicles (BEVs), while 5.8% consisted of plug-in hybrid electric vehicles and extended-range electric vehicles (PHEVs + EREVs).

This growth is taking place alongside a substantial increase in local electric vehicle production in Brazil, driven primarily by BYD and GWM. At the same time, several other automakers are beginning or preparing to begin local assembly operations, including General Motors, Geely, GAC, and Leapmotor. Because Brazil imposes significant tariffs on imported vehicles, local production is essential to ensuring the long-term sustainability of the electric vehicle market.

The growth of the Brazilian market is occurring amid a broader electric vehicle boom across the region and raises the possibility that the adoption rate of this technology could accelerate further this year. If you would like to learn more and gain deeper insights into developments in Brazil, we invite you to read the full report on CleanTechnica: “Brazil EV Sales Report: 153% Growth in May Brings Latin America’s Largest Market to 13.5% EV Market Share!”.