Policy support and relatively affordable electric car imports from China played a central role in increasing sales in some emerging electric vehicle (EV) markets, accounting for 85% of electric car sales in both Brazil and Thailand, for example.
The financial scale of China's electric vehicle market is staggering. Revenue projections indicate the market will reach $377.9 billion in 2025, with steady growth expected to push this figure to $419.0 billion by 2029.
The company already leads electric car sales in Brazil, Colombia, Ecuador and Uruguay. Part of China's success has been partnering with trusted local importers to offer more affordable models tailored to regional tastes, according to seven dealerships Reuters spoke to in Peru, Chile, Uruguay and Argentina.
The way these factors will play out in practice is uncertain, but on aggregate they look to pose risks for overall car sales volumes more than for the share of EVs. In China, continued political support and competitive EV prices suggest that EV sales can withstand such headwinds.
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