Sales of electrified vehicles in Peru grow by more than 50% so far in 2024

The following is a machine translation of a Peruvian Automotive Association release

“Sales of electrified vehicles reached 622 units in September of this year, increasing by 45.3% compared to the same month in 2023,” said Alberto Morisaki, Manager of Economic Studies and Statistics of the Automotive Association of Peru (AAP), after specifying that, between January and September 2024, the sale of hybrid and electric vehicles totaled 5,010 units, a figure higher by 56% compared to the same period a year ago. It should be noted that the level of sales reported so far this year has already exceeded the number of vehicles sold during all of 2023.

Morisaki noted that sales of electrified vehicles (hybrid and electric) continued to trend upward during the first nine months of 2024 and reached a new all-time high on record.

When breaking down the information by type of technology, it can be seen that in the analysis period, the most sold electrified vehicles were light hybrids or MHEV (Mild Hybrid Electric Vehicle) with 2,420 units (+31.2%), followed by conventional hybrids or HEV (Hybrid Electric Vehicle) with 2,093 units (+114.7%). Next were pure electric vehicles or BEV (Battery Electric Vehicle) with 305 units (+57.2%) and plug-in hybrids or PHEV (Plug-in Hybrid Electric Vehicle) with 192 units (-3%). “When presenting the percentage share by technology class, the leadership of light hybrids stands out, which have a greater preference among consumers, with a 48% share of sales in the first nine months of 2024. Meanwhile, the share of conventional hybrids was 42%; while pure electric vehicles stood at 6%, and plug-in hybrids reached 4%,” the AAP spokesperson noted.

The increase in sales of electrified vehicles during the present, he added, is remarkable and reaffirms the interest of the Peruvian consumer in acquiring zero or low emission vehicles that are environmentally responsible. However, if we compare the level of sales in Peru with a benchmark country such as Colombia, we can see that there are still significant gaps between both markets. “In our northern neighbor, the sale of the aforementioned vehicles totaled 33,030 units during the first nine months of 2024, more than 6 times what was sold in our country. In this sense, the degree of penetration of electrified vehicles over the total of new vehicles sold in Colombia was more than 24%, while in Peru this indicator reaches only 4%,” he indicated.

In this regard, for the union representative, although the increase in eco-friendly vehicles in our vehicle fleet has registered significant progress, we consider that the pace of this growth could be accelerated if there were public policies to promote this market, aiming at the renewal of our vehicle fleet, to one that is less old and polluting, and thus stop being one of the countries with the worst air quality in Latin America. "As we have pointed out on previous occasions, Colombia has managed to promote its electrified vehicle industry thanks to the commitment of the public sector, which has implemented regulations such as the reduction of taxes and import tariffs, among others, which have facilitated their acquisition," he concluded.