Brazil electric, hybrid car sales to grow by 60% in 2024, says industry group

SAO PAULO (Reuters) – Sales of fully electric and hybrid vehicles in Brazil are expected to rise by 60% this year from 2023, local industry group ABVE said on Friday.

ABVE, which represents electric automakers like Chinese companies BYD and Great Wall Motor Co, forecast sales above 150,000 cars in 2024, after sales surged 91% to 93,927 vehicles in 2023.

ABVE said in a statement that Brazil’s market for electric cars, which is mostly based on imports, will keep its “intense rhythm” even after the government this month reimposed import taxes on electric vehicles and raised those on hybrids.

(Reporting by Alberto Alerigi Jr. In Sao Paulo; Writing by Andre Romani; Editing by Matthew Lewis)