The industry’s attention will turn to electric vehicles as a result of efforts to promote sustainable development worldwide and consumer desire for more environmentally friendly transportation options.
Due to its significant lithium reserves and other key resources for the production of electric vehicles, Latin America is one of the regions with the greatest potential to increase electric mobility.
Governments in Latin America have accelerated EV adoption by introducing EVs to their fleets of public transportation vehicles. Latin America utilises buses more frequently than any other region in the world per capita, therefore this is fertile terrain.
Any type of electric vehicles that are produced by manufacturers need to have a strong supply chain for parts and components that can account for different obstacles, such as supply chain interruption, storage and transportation regulations, shifts in governmental policy, etc.
The Latin America EV Components Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2026, registering a CAGR of XX% from 2022 to 2027.
For Chinese automakers to diversify their markets and get access to resources, Latin America is essential. Over the next ten years, Great Wall Motor will invest in Brazil to produce electric and hybrid vehicles.
An ex-Mercedes-Benz factory in the interior of the state of Sao Paulo will house the Baoding-based group’s largest business outside of China and operate as an export hub for Latin America.
Announcing the impending arrival of three Chevrolet EV models in the major nations in the region, GM recently unveiled its strategy to drive growth in the electric car category in South America.
The first vehicles using Ultium drive motor and battery technology to reach South America are the Chevy Blazer EV and Chevy Equinox EV.
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