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Brazil's EV sales hit record high in 2024

  • Spanish Market: Electricity, Emissions, Metals
  • 06/01/25

Brazil's sales of electric vehicles (EVs) increased by 90pc to a record 177,360 units in 2024, according to the electric vehicle association ABVE.

EV sales last year rose from 93,930 units in 2023. That includes battery electric vehicles (BEVs), hybrid electric vehicles (HEV), micro hybrid and mild hybrid electric vehicles (MHEV), plug-in hybrid electric vehicles (PHEV) and flex HEVs.

Disregarding micro hybrid units, which are not considered fully electrical, EV sales reached 173,530 last year, an 85pc increase from 2023.

Plug-in market rising

Sales of plug-in vehicles — including PHEVs and BVEs — totaled almost 125,625 in 2024, representing a 71pc of total EV sales and more than double from the 52,360 units sold in 2023.

The expansion of the recharging infrastructure in Brazil drove the plug-in market growth, reducing concerns about the utilization of EVs in long-distance travels.

There were more than 12,000 charging stations in the country as of early December, according to charging station management platform Tupi Mobilidade.

Hybrid vehicles without external chargers — such as HEVs, flex HEVs and MHEVs — accounted for 29pc of total sales in 2024, with around 51,735 units, a 24pc hike from 2023.

Sao Paulo keeps leading the way

Southeastern Sao Paulo state remained the leader of EV sales in Brazil, with nearly 56,820 units sold and accounting for 32pc of total sales, followed by federal district Brasilia, with 9pc.

Rio de Janeiro, Parana and Santa Catarina states represented 7.2pc, 6.8pc and 6.5pc, respectively, of Brazil's EVs sales.


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07/02/25

Trump planning rollout of 'reciprocal' tariffs

Trump planning rollout of 'reciprocal' tariffs

Washington, 7 February (Argus) — President Donald Trump is considering announcing "mostly reciprocal tariffs" on an undisclosed number of countries early next week, in a possible shift from a campaign plan to impose universal tariffs of 10-20pc against all imports to the US. Trump did not provide specifics on the idea, but said he would probably have a meeting on 10 or 11 February before making an announcement. The potential rollout of the reciprocal tariffs appears likely to take place after China's planned 10 February date to start collecting a 10pc tariff on crude, coal and LNG from the US that Beijing imposed in response to a 10pc blanket tariff that Trump has placed on Chinese imports. "I think that's the only fair way to do it," Trump said of his plan to "probably" pursue reciprocal tariffs. "That way, nobody's hurt. They charge us, we charge them. It's the same thing. And I seem to be going in that line, as opposed to a flat fee tariff." Trump has said he views tariffs — which he says is his "favorite word" — as a virtually cost-free way to raise revenue that will cut the US trade deficit and boost domestic manufacturing, without raising prices for goods in the US. But earlier this week, Trump delayed his plan to place an across-the-board 25pc tariff on Canada and Mexico just hours before it was set to take effect, as stock markets began to plunge on the threat of the start of a damaging trade war between the US and its two largest trading partners. The vast majority of economists say across-the-board tariffs are an inefficient way of raising revenue, with costs that would fall the hardest on low-income and middle-income US consumers already reeling from years of inflation. US Senate minority leader Chuck Schumer (D-New York) on 2 February said kicking off a tariff war with Canada and Mexico "makes 100pc no sense" and would raise costs for US consumers. Trump discussed his reciprocal tariff idea today during a press conference with Japan's prime minister Shigeru Ishiba. Trump said he wants to "get rid of" the US' trade deficit with Japan he estimates is $100bn/yr, primarily by selling the country US oil, LNG and ethanol. Trump said he also spoke with Ishiba about efforts related to the "pipeline in Alaska", an apparent reference to the proposed 20mn t/yr Alaska LNG project, which is expected to cost more than $40bn and would require building a natural gas pipeline across Alaska. Ishiba said it was "wonderful" that Trump had lifted a temporary pause on LNG licensing on his first day in office, and said Japan was interested in purchasing US LNG, ethanol, ammonia and other resources as a way to cut down on the US trade deficit with Japan. "If we are able to buy those at a stable and reasonable price, I think it would be a wonderful situation," Ishiba said through a translator. Japan is keen to increase its overall investment in the US to $1 trillion, Ishiba said. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Nippon to invest in, not buy, US Steel: Trump


07/02/25
07/02/25

Nippon to invest in, not buy, US Steel: Trump

Pittsburgh, 7 February (Argus) — US President Donald Trump said today Nippon Steel has agreed to invest in US Steel instead of buying the company outright. "Nissan is going to be doing something very exciting about US Steel. They'll be looking at an investment rather than a purchase," Trump said today at a news conference in Washington with Japanese prime minister Shigeru Ishiba. Trump likely mistakenly referred to Tokyo-based Nippon Steel by the name of the Japanese car company. Although the White House did not immediately respond to a request for clarification, Nissan confirmed to Argus that it does not have plans to invest in US Steel. Trump's predecessor Joe Biden blocked Nippon Steel's proposed $15bn takeover bid of Pittsburgh-based US Steel last month, citing national security concerns. Both men were adamant on the campaign trail that US Steel should not be owned by a foreign company. "We didn't want to see [US Steel] leave. It wouldn't actually leave. But the concept psychologically — not good," Trump said. Nippon Steel will provide technology to make steel in the US in a mutually beneficial deal, Ishiba said about the proposal. Trump said he would soon meet with Nippon Steel to work out the details of the investment. By James Marshall Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Ecuador vows to cut GHG emissions by 7pc in 2035


07/02/25
07/02/25

Ecuador vows to cut GHG emissions by 7pc in 2035

Quito, 7 February (Argus) — Ecuador committed to reduce its greenhouse gas emissions (GHG) by 7pc by 2035 compared with the baseline projected emissions for that year, it said in its second Nationally Determined Contributions (NDC) this week. The reduction is the equivalent to 8.8mn metric tonnes (t) of CO2 equivalent (CO2e). Ecuador emitted 88.3mn t of CO2e in 2022 mainly from the energy sector (47pc), including transportation and power generation; land use (29pc); agriculture (13pc); waste management (6pc) and industrial processes (5pc). If the current trend projected since 2010 continues without any actions, Ecuador's annual emissions will reach almost 130mn t of CO2e in 2035. But by applying mitigation measures such as more renewable energies, sustainable methods of production and mobility, with domestic funding, the emissions will be reduced to about 121.2mn t of CO2e, for a 7pc cut. With more financial support from the international community, Ecuador aims to reduce its GHG emissions by another 8 percentage points. That would cut another 10.6mn t of CO2e, for a total reduction of 15pc and emissions of 110mn t of CO2e in 2035. The mitigation measures will cost Ecuador about $6.5bn. In 2019, Ecuador launched its first NDC and set the goal to reduce GHG emissions by 9pc annually from 2020-2025. But it missed the goal, mainly because the 2020 pandemic generated an economic crisis that cut funds to implement mitigation measures. By Alberto Araujo Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Australia’s Orica mulls selling safeguard carbon units


07/02/25
07/02/25

Australia’s Orica mulls selling safeguard carbon units

Sydney, 7 February (Argus) — Australian chemicals and explosives firm Orica is eligible to receive safeguard mechanism credits (SMCs) for the July 2023-June 2024 compliance year and is now considering options for the units, including potential sale to a third party, it told Argus . Orica did not disclose how many SMCs it was eligible to receive or whether the units have already been issued. It has two facilities under the scheme — Kooragang Island in New South Wales (NSW) and Yarwun Nitrates near the Queensland state city of Gladstone. SMCs are issued if a facility reports scope 1 greenhouse gas (GHG) emissions below its baseline. Orica said in November that it did not expect a requirement to surrender Australian Carbon Credit Units (ACCUs) for the July 2023-June 2024 compliance year. It still does not expect such a requirement, it told Argus on 6 February. Both the company's facilities are registered as carbon projects, and Orica received a total of nearly 600,000 ACCUs from the Kooragang Island decarbonisation project last year . The credits are generated as a result of tertiary emissions abatement reactors installed across three nitric acid plants at the facility, which includes ammonia and ammonium nitrate plants. "In line with Orica's carbon market strategy, we anticipate holding originated ACCUs for future safeguard mechanism compliance obligations," the company told Argus on 6 February. SMC data expected for early March The Clean Energy Regulator (CER) earlier this week said it issued the first ever SMCs into eligible accounts in the new registry that will replace the Australian National Registry of Emissions Units (ANREU). It did not say how many SMCs have been issued so far but noted that further issuances are likely this month. "The CER will publish the 2023-24 safeguard data, including facility-level information about SMC issuances, by 15 April 2025," it told Argus on 7 February. "The CER will also start to include SMC observations in its quarterly carbon market reports." The quarterly report for the fourth quarter of 2024 is expected to be published in early March, the regulator added. The main data for that period was published in late January, showing ACCU supply and demand at new highs . Market participants said no SMC trades had been seen so far, although some companies have been exploring potential sales. Now that the first SMCs have been issued, account holders with SMCs in their accounts are already able to transfer the units between accounts, the CER noted. Australia's Climate Change Authority (CCA) said late last year that 60 out of 215 facilities covered by the safeguard mechanism reported scope 1 GHG emissions below their baselines and could be eligible to apply for a total estimated 9.2mn SMCs , far higher than previously estimated, impacting market sentiment for ACCUs. Spot prices for generic ACCUs ended the week below A$35 ($22), down slightly on the week and compared to levels close to A$43 in mid-November. By Juan Weik Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Japan’s domestic EV sales extend fall in January


07/02/25
07/02/25

Japan’s domestic EV sales extend fall in January

Tokyo, 7 February (Argus) — Japanese domestic sales of passenger electric vehicles (EVs) fell for a 15th consecutive month in January, but the decrease rate has slowed. Sales totalled 4,563 units in January 2025, down by 2pc from a year earlier, according to data from three industry groups — the Automobile Dealers Association, the Japan Light Motor Vehicle and Motorcycle Association and the Japan Automobile Importers Association (JAIA). Sales were also down by 12pc on the month. Domestic EV sales continued to fall on the year but the decrease rate slowed in January, marking the first single-digit fall on the year since November 2023. EVs accounted for 1.4pc of Japan's total domestic passenger car sales in January, down by 0.2 percentage points from a year earlier. The decline is mostly because of weaker demand for domestic brand EVs including Toyota. Toyota's EV sales declined sharply to 68 units, down by 74pc from a year earlier. Foreign brand EV sales continued its uptrend, according to JAIA's representative who spoke to Argus . Sales of foreign brand passenger EVs increased by 3.6pc on the year to 1,209 units, marking the third consecutive month of year-on-year growth. But sales from China's BYD fell sharply by around 80pc on the year to 42 units, mostly on the back of delivery suspensions, JAIA added. Imported EVs accounted for around 26pc of Japan's total domestic EV sales. This was largely stable on the year, but down by 31 percentage points from a month earlier. Foreign brand manufacturers tend to increase their sales in December, according to JAIA, leading to relatively lower deliveries in January. By Yusuke Maekawa Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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