Uruguay EV Gross sales Report: 300% Progress in a File February Brings BEV Market Share over 15%

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Uruguay has constantly been the second most superior nation in Latin America so far as electrification goes, and it has at occasions competed with Costa Rica for #1. Being a really small market (with fewer than 100,000 car gross sales a yr), it’s topic to excessive seasonal variability and, as such, its market patterns are tougher to find out than these of Mexico, and even Colombia and Peru.

That is why final June we noticed an enormous improve in EV gross sales that introduced Uruguay to the forefront of the transition and put it forward of a lot of the world, at 15% market share. However within the following months, it grew to become clear this month had been an outlier, and Uruguay went again to its extra “regular” market share, steadily rising from 7% to 10% via 2024’s second semester.

However we’re now in 2025 and Uruguay is as soon as once more exhibiting robust progress and indicators that, hopefully, this time round, BEV gross sales will continue to grow from right here.

Market Overview

Uruguay’s official knowledge doesn’t report PHEVs: it merges all hybrids in the identical class. Nonetheless, it’s telling that even together with HEVs and MHEVs, BEVs greater than double hybrid car gross sales. Uruguay, as Costa Rica, is a market closely skewed in direction of BEVs.

Whole car gross sales usually hover round 6,000 models a month, which means the practically 900 BEV gross sales in February had been greater than sufficient to get Uruguay over 10% market share. That is an all-time excessive BEV file, surpassing December’s prior file regardless of decrease total gross sales:

Market share was 15.4% in February, up from 10% in January and 12.1% in December. The final time we noticed a market share over 15%, in June 2024, it was a transparent outlier (as seen within the following graph), however market share saved rising constantly and has sustained ranges above 10% over the last 4 months. The 15.4% from February could also be a big improve, but it surely doesn’t look like an anomaly:

Uruguay stays the realm of BYD, however its market share has eroded from 75% in June 2024 to 60% in February. Far behind it are Dongfeng (a troubled Chinese language model which can be bought by Changan), JMC, and Chery. Solely two non-Chinese language manufacturers, Hyundai and BMW, made it into the highest 10 this month:

Mannequin-wise, BYD obtained gold, silver, and one other two spots within the high 10, which appears the realm of city-cars and hatchbacks: the BYD Seagull, the Dongfeng Nammi, the JMC EV3, the JAC E-S3, the Geometry E, and the BYD E2 (Dolphin) make a really specific rating the place, for as soon as, SUVs don’t dominate. Nonetheless, the 2 BYD Yuan (Professional and Plus), the Chery EQ7, and the Hyundai Kona make appearances for SUVs. And no matter occurred to sedans?

Yr thus far, the state of affairs could be very comparable, however Volvo is not current within the high 10, with GWM taking its place. BYD maintains 60% market share:

Mannequin-wise, the JMEV EV3 is changed by the Faw Bestune NAT. In any other case, the contributors are the identical in several order. Although, the BYD Yuan Professional stays the undisputed chief:

Closing ideas

I’ve already talked about Uruguay’s hyper-expensive gasoline (round USD$7 per gallon), one thing that undoubtedly has served to prop up EV adoption. The nation can be reliant on inexpensive wind power, the surplus of which is bought to Brazil (which additionally sells electrical energy when Uruguay requires it), so it has the means to supply electrical energy to its rising EV fleet.

Not a lot else is happening on this nation. Although, it bears mentioning that Good (one other Chinese language-bought European model) is arriving quickly in Uruguay. In early 2024, Uruguay nonetheless had comparatively low EV gross sales, so progress this yr has been astronomical (246% yr thus far), however that is clearly going to gradual as adoption will increase. Nonetheless, I’m wondering how lengthy till Uruguay reaches 50% BEV market share. For a very long time, my prediction for the three leaders (Costa Rica, Uruguay, and Colombia) has been “earlier than 2030.” Now, I’m questioning if maybe we are able to begin bringing that date nearer.

2029? 2028? What do you guys assume?