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This is confirmed by the latest report from the International Energy Agency (IEA), entitled Global Electric Vehicle Outlook 2025. The International Energy Agency (IEA) has released its report, Global Electric Vehicle Outlook 2025, which not only highlights that global electric car sales will exceed 17 million in 2024, an increase of more than 25% compared to the previous year, but also highlights that Brazil, Costa Rica, Uruguay, and Colombia are leading the sales of electric vehicles in Latin America. In Latin America, both the sales volume and penetration of electric vehicles have doubled in numerous countries, with a regional market share of 4% in 2024. Brazil Brazil led the region with nearly 125,000 units sold, more than double the 2023 figure, and increased the market share of electric cars to 6.5%. By 2024, electric car sales in Brazil will more than double, with over 85% of new electric vehicles coming from China. A key factor in this growth was the exemption from the 35% import tariff on electric cars, although this measure began to be phased out gradually in 2024 and is expected to end by mid-2026. By that date, manufacturers BYD and GWM will have already begun producing models in Brazil, with offerings tailored to the local market, such as the BYD Song Pro, which will feature flex-fuel compatibility. Costa Rica, Uruguay and Colombia Costa Rica, Uruguay, and Colombia also recorded significant sales shares, with percentages of around 15%, 13%, and 7.5%, respectively. Initiatives such as tax incentives for the purchase of electric cars allowed sales in Colombia and Costa Rica to double by 2024. In Colombia, an increase in import tariffs for all hybrid vehicles was also proposed by the end of 2024, with the aim of encouraging greater adoption of pure electric vehicles (BEVs). In both countries, more than 70% of electric cars sold came from China. Specifically, Chinese imports to Colombia more than tripled during 2024, while those from other countries increased by only 30%. According to the IEA, this growth is primarily due to, in addition to government incentives such as tax breaks, lower registration fees, relaxed traffic restrictions for electric vehicles, and relatively high fossil fuel prices. Mexico and the U.S. In 2024, Mexico became the United States largest electric vehicle trading partner, with net exports to the United States reaching 145,000 vehicles. Imports from Mexico tripled compared to 2023, representing more than two-thirds of Mexican production. This increase was driven primarily by U.S. original equipment manufacturers (OEMs) (which account for 70% of Mexicos exports to the United States) and Japanese OEMs (20%). The United States remained a net importer of electric cars in 2024. Exports fell nearly 15% year-over-year to fewer than 200,000 electric cars, while imports grew 40% to 630,000. Global sales Global electric car sales are expected to surpass 17 million units in 2024, an increase of more than 25%. The increase of 3.5 million units compared to 2023 exceeds the total number of electric cars sold in all of 2020. China maintained its leading position among major markets, with more than 11 million electric vehicles sold, a figure higher than global sales just two years ago. Global growth was tempered by stagnation in Europe, where the elimination or reduction of subsidies in several major markets and the stability of the European Unions auto emissions targets between 2023 and 2024 influenced the pace of sales. In the United States, sales continued to rise, although the growth rate was about a quarter of that recorded the previous year. Outside of these three major markets, sales reached a record high, increasing nearly 40% to a total of 1.3 million units, approaching the 1.6 million sales recorded in the United States. |
