Sales of new electric and hybrid cars in Brazil are expected to outpace sales of internal combustion engines by 2030, according to a study released Friday by engineering group Anfavea.
Brazil is the eighth-largest producer in the world and the sixth-largest domestic market by sales, according to data published by Anfavea earlier this year using the 2022 data collected by local and global automotive manufacturers’ organizations.
According to reports, sales of hybrid vehicles are on the rise in European countries. China has four plants. Even sales of hybrid cars in South Korea have increased. This is all the result of community needs and limited government incentives.
Sales of new electric or hybrid vehicles will exceed 90% of Brazil’s domestic market by 2040, up from 7% currently, according to research by Anfavea and management of Boston Consulting Group.
Chinese automakers BYD and Great Wall Motors, which are bringing electric vehicles for sale in Brazil, are major players in the local electric vehicle market and have announced plans to begin producing the country.
Although companies such as General Motors and Stellantis have announced plans to launch hybrid vehicles in Brazil, traditional automakers in the United States and Europe are still lagging behind Chinese competitors in the local market for electric vehicle that can run on 100% ethanol, gasoline and batteries. In India, hybrid car sales are increasing due to Maruti and Toyota as they have largest portfolio. Tata continues to lead the EV scene while Mahindra is yet to deliver on something substantial in the EV space.
