After Ford Motor Company exited the region in 2021, the sales of electric vehicles in Brazil, the world's sixth-largest auto market, are surging, and BYD is in the leading position.
In 2015, the Brazilian government exempted a 35% import tax on electric and hybrid vehicles, enabling Chinese auto brands to gain a foothold in Brazil. Currently, Chinese vehicle companies BYD and Great Wall Motor are building factories at the former sites of Ford and Daimler's Brazilian plants to achieve local production, in case the government restores tariffs in the future.
BYD has significant room for development in Brazil. Electric vehicles are rapidly gaining popularity in Brazil, the most populous country in Latin America. According to data from the Brazilian Electric Vehicle Association, the sales of electric vehicles (including battery electric vehicles and hybrid vehicles) soared by 85% in 2024, reaching more than 170,000 units, accounting for approximately 7% of the country's new vehicle sales.
Data shows that in Q4 2024, BYD's global pure electric vehicle sales volume exceeded Tesla for the first time. In Q1 2025, it achieved a second overtaking. BYD's pure electric vehicle sales volume reached 416,400 units, a year-on-year increase of 38.74%, making it the world's largest seller of pure electric vehicles. Tesla's sales volume in Q1 2025 was 336,700 units, a year-on-year decrease of 13%.
According to a forecast by market research firm Counterpoint Research, BYD will become the global champion in pure electric vehicle sales in 2025 with a market share of 15.7%.
Counterpoint analysts pointed out that BYD's Mega Flash Charge is much faster than Tesla's Supercharger (charging 275 kilometers in 10 minutes), which is expected to alleviate consumers' range anxiety and promote the wider adoption of electric vehicles.
