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News Article

Mexican EV Market to Grow 25 Percent by 2030

By Rodrigo Andrade | Thu, 07/14/2022 - 09:44

Consultancy firm Frost & Sullivan forecasted that sales of EVs and hybrid vehicles in Mexico will reach 200,000 units by 2030, two thirds of Latin America’s forecasted 300,000 sales. Electric and hybrid vehicles are already a reality in many countries around the world. 

Electric and hybrid vehicles represent only a small percentage of Mexico’s total automotive sales. In 2021, 47,079 electric and hybrid vehicles were sold in Mexico, according to the Mexican Association of the Automotive Industry (AMIA). These vehicles pose an alternative to reduce the emissions of CO2 and pollutants. 

“There are several factors to consider: the government’s interaction with automotive companies and consumers, as well as electric charge suppliers committing to reduce pollutants and policies for acquiring this type of vehicles because they are not so accessible in terms of price,” said Jana Boltvink, ICT Managing Partner, Frost & Sullivan, to El Economista. 

Boltvink had highlighted the importance of public policies that incentivize the use of green technologies during the Nissan Futures event. During the event, Nissan announced the arrival of the e-POWER technology in Mexico. “These are times for transformation for the automotive industry and a new era of Nissan Mexicana starts with the arrival of Nissan Kicks e-POWER,” says José Román, President and Director General, Nissan Mexicana and NIBU, as reported by MBN. Nissan Mexicana recently announced an investment of over US$700 million in Mexico.

Mexico is forecasted to grow its EV sales by 25 percent per year. Other countries in Latin America are expected to embrace EVs faster than Mexico. For example, Frost & Sullivan expects for Costa Rica to increase its annual sales of EVs by 36 percent and Colombia by 28 percent. 

Photo by:   Paul Brennan
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Rodrigo Andrade Rodrigo Andrade Junior Journalist & Industry Analyst