Uruguay EV Sales Report: 300% Growth in a Record February Brings BEV Market Share over 15%

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Uruguay has persistently been the second most superior nation in Latin America so far as electrification goes, and it has at instances competed with Costa Rica for #1. Being a really small market (with fewer than 100,000 automobile gross sales a 12 months), it’s topic to excessive seasonal variability and, as such, its market patterns are more durable to find out than these of Mexico, and even Colombia and Peru.

That is why final June we noticed a large 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 turned clear this month had been an outlier, and Uruguay went again to its extra “normal” market share, steadily rising from 7% to 10% by means of 2024’s second semester.

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

Market Overview

Uruguay’s official information 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 automobile gross sales. Uruguay, as Costa Rica, is a market closely skewed in the direction of BEVs.

Whole automobile gross sales usually hover round 6,000 items a month, which means the almost 900 BEV gross sales in February have been greater than sufficient to get Uruguay over 10% market share. That is an all-time excessive BEV document, surpassing December’s prior document 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 stored rising persistently and has sustained ranges above 10% over the past 4 months. The 15.4% from February could also be a big improve, but it surely doesn’t seem to be 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 bought gold, silver, and one other two spots within the prime 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 explicit 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 to this point, the scenario could be very comparable, however Volvo is now not current within the prime 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 members are the identical in numerous order. Although, the BYD Yuan Professional stays the undisputed chief:

Remaining 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 reasonably priced wind power, the surplus of which is offered to Brazil (which additionally sells electrical energy when Uruguay requires it), so it has the means to offer electrical energy to its rising EV fleet.

Not a lot else is occurring 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 development this 12 months has been astronomical (246% 12 months to this point), however that is clearly going to sluggish 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 “before 2030.” Now, I’m questioning if maybe we are able to begin bringing that date nearer.

2029? 2028? What do you guys assume?