⚡ Build Your Dreams

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A quick drive around Mexico today and you’re likely to see the same three words on the back of half the cars in front of you.

Build Your Dreams.

Far from just a motivational poster hanging in a human-resources office, this mantra is the longform version of China’s latest success story, BYD, a 2003-founded electric vehicle (EV) company that is today the world’s third-largest car manufacturer by market capitalization. BYD is the epitome of China’s recent dominance in the EV game, as the world’s second-largest economy takes a leading stance in the competition to conquer this new industry.

Within Latin America, EV adoption has stuttered compared to other regions, but the arrival of cheaper Chinese competitors like BYD and Great Wall Motors (GWM) has made the switch slightly more accessible. Brazil, by far the region’s leader, even eliminated tariffs on manufacturers like these a decade ago in an effort to spur EV adoption, although since last year it’s reimposed small, gradually growing tariffs in order to prevent dumping.

In fact, both BYD and GWM have opened factories in recent years in Brazil, as they attempt to get around the eventual 35% tariffs they’ll be facing next year—high, although still much lower than the 45% they face in the European Union and the over 100% they face in the United States.

Brazil, which has by far the largest domestic car market in the Americas outside of the US, has long been a top priority for manufacturers from around the world, including established giants like Volkswagen and Stellantis. However, lower purchasing power and fewer charging station coverage have made the country less attractive to traditional EV players like Tesla.

In fact, EV charging stations are another sector where China dominates: the country was responsible for 75-85% of all stations supplied in Latin America last year.

But how does the region stack up against the world’s top EV adopters?

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