Fri. Jun 14th, 2024

Brazil has become the world's largest importer of Chinese electric cars

Natasha Kumar By Natasha Kumar May29,2024

Brazil has become the largest the world's importer of Chinese electric cars

Brazil has become the largest export market for Chinese electric cars amid efforts by Chinese automakers to increase sales in non-European markets due to the risks of an EU anti-subsidy investigation.

About this from citing the China Passenger Car Association (CPCA), Reuters reports.

According to the CPCA, in the first four months, exports of Chinese fully electric and hybrid cars to Brazil increased 13 times compared to the same period last year, and in April reached more than 40 thousand units, making this country the largest export market for the second month in a row.

The sharp increase in exports to Brazil, which as recently as January was in tenth place for Chinese automakers, comes ahead of the Brazilian government's planned July increase in tariffs on imports of electric and hybrid cars , which aims to stimulate local car production.

In addition to a sharp increase in shipments of finished cars to Brazil, several Chinese automakers are actively investing in local production. In particular, the auto giant BYD has started construction of a car factory, which is planned to be put into operation by the end of the year or in the beginning of 2025, and Great Wall Motor said that its Brazilian plant will start producing cars this month.

In April, Brazil also became the second largest destination for exports of all Chinese cars, second only to Russia. CPCA expects that Russia, which is under Western sanctions, will continue to be the No. 1 market for car exports from the PRC.

At the same time, according to the data, the biggest drop in Chinese car exports in January – April was recorded in Europe , where supplies to Spain, France, the Netherlands, and Norway sharply decreased. The CPCA is convinced that the reason for this was the EU anti-subsidy investigation on Chinese cars.

During the first four months of the year, the largest increase in Chinese car exports took place to Russia, by 23% to more than 268.8 thousand units, and Mexico and Brazil, where deliveries jumped by 27% and 536%, respectively – to 148.7 thousand and 106.4 thousand cars.

Natasha Kumar

By Natasha Kumar

Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my natasha@thetimeshub.in 1-800-268-7116

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