The US market, meanwhile, is showing promising signs of growth fueled by some popular models, with sales there up 62% from a year earlier.
Although in global terms there was strong growth in the last quarter of 2021, it was not as high as the rest of the year and this slowdown can be attributed to the global shortage of semiconductor chips and concerns regarding the Covid-19 pandemic, highlighted the report.
Regarding the local situation, Jorge Zabaleta, partner of PwC Argentina, leader in the Automotive industry, clarified: “Although there are very few electric cars in Argentina, the market for hybrid cars -which combine a combustion engine with an electric one- is growing. Many models have entered the market driven by import benefits (reduced tariffs or no tariffs) in various jurisdictions.”
In recent years, a series of import regimes for hybrid, electric or fuel cell (hydrogen) vehicles have been established, for which the large automakers receive tariff benefits for the commercialization of these cars in Argentina. This government policy was recently renewed with effect until March 2023.
“There is no doubt that the electric car market will continue to grow globally in the coming years. What is under review is the pace of this growth, because there are factors that stimulate it and others that act as a potential brake,” says Zabaleta.
“Strong CO2 emission reduction targets, the need to meet capital markets demand for accelerated electrification, and the mandatory phase-out of internal combustion vehicles in certain territories, are encouraging manufacturers to produce more electric cars. In addition, consumers, increasingly aware of the environment, are launching themselves on the market for a growing offer of new models”, said the expert.
In Argentina, sales of hybrid and electric vehicles amounted to 5,871 in 2021, with an increase of 148% compared to the previous yearas reported today by the Association of Automotive Dealers of the Argentine Republic (Acara).
The growth of the commercialization of this class of automobiles was of such magnitude that in 2021 55% of all the operations carried out since they began in Argentina in 2010 were concentrated, the entity highlighted.