Mobility Portal, Spain
Date: June 27, 2024
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By Lucila de los Santos
Latin America

In detail: The 12 automakers that announced investments in EVs in Brazil

If Brazil captures all eyes, it is not only for its landscapes but also for the innovative public policies of President Luiz Inácio Lula da Silva, where electromobility takes a central place. That's why the MoVer programme and the flood of eMobility investments are the spark igniting the country's transformation.
In detail: The 12 automakers that announced investments in electric vehicles in Brazil
President Luiz Inácio Lula da Silva.

It could be called “the green dream of Lula and the Brazilians”, but its name is “Moibilidade Verde” (MoVer).

The new eMobility program is not just a package of public policies: it is a declaration of intent, a promise of a future where Brazil not only adapts, but leads the energy transition. 

Approved with a large majority in the Chamber of Deputies, MoVer offers tax incentives that start at 710 million dollars in 2024 and increase to 832 million in 2028, far exceeding the incentives of the previous Rota 2030 program.

What is its impact so far? Investments that redefine the industry.

The push for the program will not only boost those who have already made their announcements in 2023 as a direct response to the proactive measures of the current Brazilian government, but has also recently triggered numerous investments by the world’s leading automotive companies.

A dozen zero-emission investments

In São Paulo, the Mercedes-Benz plant in Iracemápolis was acquired by the Chinese company GWM, which plans to invest 2 billion dollars until 2032. 

Production of hybrid and electric vehicles is scheduled to begin in 2024, which will mark a milestone for the company and the country.

Meanwhile, in Bahia, the giant BYD has committed 620 million dollars to three factories in the Camaçari complex

This agreement, consolidated during Lula’s visit to China last year, is a testament to Brazil’s attractiveness as a green technology hub. 

In this way, the BYD Dolphin will be the first completely Brazilian electric vehicle.

The truth is that the synergy between MoVer policies and the investments of the automotive industry is reflected in every corner of the country. 

Volvo, with a 181 million dollars startup in Curitiba, seeks to advance research and development of decarbonization technologies. 

In turn, BMW, after a record year in electric vehicle sales, is electrifying its Araquari plant to produce the hybrid BMW X5, among other models.

For its part, Volkswagen, not wanting to be left behind, announced the production of e-Volksbus electric buses at its Resende plant starting in the second half of 2024. 

This initiative is part of a total injection of 505 million dollars between 2021 and 2025.

In addition, Stellantis will allocate 6 billion dollars until 2030 to launch more than 40 new products. 

But, the investments do not stop here. Hyundai, with a planned investment of 1.1 billion dollars until 2032, aligns with MoVer policies to decarbonize its production. 

In parallel, General Motors will contribute 1.42 billion dollars until 2028, reaffirming its commitment to renewing its vehicle portfolio in Brazil.

And Toyota? The Japanese automaker is set to announce a 2.2 billion dollars investment in its Sorocaba plant.

Even Jaguar Land Rover, looking ahead, plans to produce electric vehicles at its modern Itatiaia factory in the next three years. 

Also Audi, with its ambitious plan to launch 20 new electrified cars globally by 2025, includes Brazil as a key market.

“We want Brazil to be a benchmark in electric vehicle production,” Lula said at a press conference. “MoVer not only seeks to reduce our dependence on oil, but also to position us as regional leaders in innovation and sustainability.”

This is not just a testimony to the country’s ability to reinvent itself and put itself at the forefront of electromobility: the MoVer program and massive investments by automotive companies are creating a new scenario for the country.

Brazil and Chinese automakers

The China Passenger Car Association (CPCA) reported that Brazil overtook Belgium as the largest export market for Chinese new energy cars  for the second consecutive month.

Specifically, in April, exports of electric cars and plug-in hybrids to the country multiplied by 13 year-on-year to 40,163 units.

The sharp increase in sales to Brazil, which was the tenth largest export market in January, comes just before the new increase in tariffs on imports of these vehicles to be implemented starting in July.

In this context, more and more Chinese manufacturers are seeking to increase investments in the South American country to start local production.


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