BYD Dominates Uruguay’s EV Market as Chinese Brands Capture 90% Share

Uruguay's electric vehicle market has reached a tipping point, with EVs now accounting for 25% of all new car sales—a figure that doubles last year's penetration and dwarfs neighboring markets. Chinese automaker BYD leads this charge, capitalizing on tax incentives, soaring fuel prices, and expanding infrastructure.

The country eliminated a 23% import tax and reduced passenger car duties, creating fertile ground for EV adoption. With gasoline prices hovering NEAR $7.40 per gallon, consumers are flocking to fuel-efficient alternatives. BloombergNEF projects Latin America's EV sales will surge from 2% to 8% of total passenger vehicles by 2025, driven primarily by affordable Chinese models.

BYD, JAC, and Omoda collectively command 90% of Uruguay's 11,000 EV sales this year. 'The arrival of low-cost Chinese EVs is a game changer,' says Rafael Rabioglio of BloombergNEF, noting the region's 400,000-unit sales potential within two years.