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Brazil emerges as largest market for China's NEVs

chinadaily.com.cn | Updated: 2024-05-28 13:22

Local residents visit a BYD electric car factory in Salvador, Brazil, on July 5, 2024. [Photo/Xinhua]

Brazil has overtaken Belgium as the largest overseas destination for China-made new energy vehicles, according to the China Passenger Car Association.

Data from the CPCA shows that China's exports of pure electric vehicles and plug-in hybrids to Brazil soared 13-fold year-on-year to 40,163 units in April, ranking first for a second straight month.

The rise in NEV exports also made Brazil China's second-largest destination for all cars in April, with Russia retaining its top spot, according to the CPCA.

Carmakers in China have been exploring South America, Australia and ASEAN markets for exports, as the European Union is conducting an anti-subsidy probe into Chinese EV makers and threatening to raise tariffs on their EVs, said Cui Dongshu.

Spain, France, the Netherlands and Norway were among the countries that saw biggest falls in imports of China-made electric passenger vehicles from January to April, according to CPCA data.

Brazil is slated to raise tariffs on EV imports as it seeks to encourage local production. Import taxes for electric vehicles had been reduced to zero since 2015 before they became subject to a 10 percent tax since January.

The taxes will increase to 18 percent in July and eventually reach 35 percent in July 2026.

Several Chinese automakers have already started increasing investments for local production in Brazil.

BYD has started building a manufacturing complex there to begin local production by year-end or in early 2025 and Great Wall Motor has said that its Brazil plant would begin operations this month.

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