After the last rise in fuels decreed by the Executive Branch, Since last April 1, a liter of Super 95 gasoline cost $77.88 to the public., while a Premium costs $79.85. This was the third consecutive increase in tariffs since the beginning of the year, in a context of a sharp rise in oil prices in international markets. In this context, the demand for electric cars has shot up 180% so far this year, according to a survey released by Mercado Libre.
The increase coincides with the exoneration of Imesi decreed by the government as of January for 100% electric vehicles. The supply, demand and purchase intention of hybrid and electric vehicles in Uruguay grew in the first three months of the year, compared to the same period of the previous yearaccording to a study by Mercado Libre Uruguay.
In the case of electric vehicles in particular, the growth was very significant.with increases of 30.3% in supply (number of ads), 179.8% in demand (number of visits to ads) and 145.1% in the purchase intention (number of contacts to the publication). As for the hybrid vehicles the growth was 22.3% in supply, 49.5% in demand and 59.8% in purchase intention.
Since January, the Imesi exemption for 100% electric vehicles has been in force in the country, “which could explain such a significant increase in public interest in this type of vehicle,” according to Mercado Libre. The same decree of the Executive Power —which allowed this exoneration— established that as of June of this year will also lower the percentage of Imesi to hybrid vehicles according to their displacement and classification.
“Around the world, the trend in the automotive market is towards growth in the supply and demand for electric and hybrid vehicles. Uruguay is no stranger to this trend and for several quarters we have seen a sustained increase in the participation of these
cars on the market. The recent tax change further boosted that interest as it generated a particular focus of attention on the subject,” said Jonathan Szwarcman, manager of Marketplace Vehicles at Mercado Libre.
Most popular makes and models
Part of the growing interest in this type of vehicle is due to an increase in the offer, not only in quantity, but also in a variety of models. In Mercado Libre you can find models of electric vehicles from US$5,000 to US$80,000 and hybrids from US$20,000. In both cases, more than six brands offer vehicles of one category or another.
Lhe most economical options among the electric ones are small vehicles for one or two passengers, with a range of between 80 and 120 km with a battery charge like the Trike Mini Car or the Mobility Cityquad.
Then they jump to US $ 25 thousand for a hatchback car with 300 km of autonomy like the JAC S1. The BYD E2, E2gs, T3 and M3gs models are worth between US$32,000 and US$40,000 and then there are the different Hyundai Kona versions between US$44,000 and US$63,000.
Among the hybrids, the range of models and values is also wide. The cheapest are the Suzuki Swift at US$21,000 and the Toyota Prius at US$21.50.0 . It is followed by several Hyundai and Toyota models between US$32,000 and US$52,000. Among the hybrid models there are also several high-end cars such as the BMW 3 Series and the Mercedes Benz C-class and GLC-class.
In terms of brands, at the local level the three with the greatest electric supply are BYD, JAC and Hyundai, while In hybrids, the brands with the most participation in the offer are Toyota, Hyundai and Suzuki. The demand for hybrids is similar to the supply, with the same participation of brands in the top 3. However, two brands that are not among the most offered enter the top 3 for electric demand: Tesla and Trike.
When analyzing the different models, a similar situation of differences between supply and demand occurs. Among the electric ones, the models with the greatest supply are the Hyundai Kona, the JAC S1, and the Today Sunshine M1. On the other hand, in demand, the most sought after model is the Trike Mini Car Tutu, followed by the Tesla Model S and the BYD New E2 GS.
On the contrary, among the hybrids, supply and demand have similar behaviors. The hybrid Suzuki Swift is the most demanded and offered model at the same time, and then three different Toyota models alternate between second and fourth place: Corolla, Rav 4 and Prius.
Tesla in Uruguay
The Interest in Tesla cars in the country is on the rise, and proof of this is that it is second among the most visited electric car brands in Mercado Libre. However, it is a brand that has no official representation in the country. At the moment there are few publications of that brand on the site and those that are published sell quickly.
In May 2020, the first Tesla in the country sold to the public by a dealer was published in Mercado Libre. It was sold a few weeks later. Until that moment, vehicles of that brand circulating in the country were direct imports from individuals.
