BYD Leads 204% Surge In Imported Car Sales In Brazil
Date
10/15/2024 7:00:10 PM
(MENAFN- The Rio Times) The Brazilian market for imported vehicles has experienced a remarkable transformation. Sales of imported cars soared by 204% in the first nine months of 2024 compared to the same period last year.
Chinese manufacturers, particularly in the electric vehicle sector, have largely fueled this impressive growth. BYD, a prominent Chinese automaker, has emerged as the dominant player in this surge.
The company accounted for 71% of all imported vehicles during this period. BYD's sales reached 51,300 units, representing a 742% increase from the previous year.
These figures were released by the Brazilian Association of Importing Companies and Vehicle Manufacturers (Abeifa ) on October 15. The report highlighted the significant role of electrified vehicles in this growth.
This category includes hybrid, plug-in hybrid, and fully electric models. From January to September, Abeifa members imported 64,700 electrified vehicles.
Growth in Brazil's Electric Vehicle Market
This number represents 52.8% of the total hybrid and electric vehicle market in Brazil. Compared to the same period in 2023, this marks a substantial 245.1% increase in electrified vehicle imports.
Marcelo Godoy, president of Abeifa, expressed concern about a potential immediate increase in import taxes. Some large-scale domestic manufacturers are pushing for a 35% import tax on electric vehicles.
Currently, there is a gradual tax increase plan set to be implemented by July 2026. Abeifa represents several international brands in Brazil. These include Kia, Volvo, Porsche, BYD , Aston Martin, Jac, and Jaguar Land Rover.
The association also includes luxury brands like McLaren and Suzuki, as well as recreational vehicle manufacturers Polaris, BRP, and CFMoto.
The total number of imported vehicles sold by these brands reached 70,800 units in the first three quarters of 2024. This significant growth underscores the increasing popularity of Chinese-made vehicles in Brazil, especially in the electrified segment.
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