Latin America Welcomes Affordable EVs
It’s been clear for a while that the prices of electric vehicles (EVs) in Latin America have been exorbitantly high. The much-anticipated drop in prices is finally upon us.
Brazil’s EV Pricing Challenges
In Brazil, despite hefty tariffs, we witnessed the unveiling of the BYD Dolphin with a price tag of $31,000. This move forced competing brands to rethink their pricing strategies, given this new competitive alternative. However, the presence of significant tariffs still keeps EVs in Brazil at a higher price point than ideal.
Costa Rica’s Advantageous EV Climate
Contrastingly, Costa Rica stands out with zero tariffs and minimal taxes on EVs. Though it doesn’t automatically make EVs affordable, the environment becomes ripe for disruption when a brand fully commits.
Introducing Geely’s Geometry E
Making its debut in Costa Rica in late July, the Geometry E is a game-changer. This 4-meter-long crossover, equipped with a 39 kWh battery, may have its range estimates under wraps, but its 380 km NEDC is promising. Though only supporting 50 kW fast-charging and a modest 60 kW motor, it promises a reliable drive for the daily commuter. After all, not everyone is in the market for a high-performance sports car.
But, what stands out is the price. At a compelling $22,900, the Geometry E’s price is on par with its Internal Combustion Engine (ICE) counterparts. Not long ago, EVs in this price range in Costa Rica lacked value in comparison.
Geely Shakes Up The Market Further
Geely didn’t stop with the Geometry E. They’ve slashed prices across their range, indicating an impending price drop across multiple market segments. An example is the JAC e-JS1, currently on a promotional offer at $17,990.
Owing to Geometry E’s entry, there’s an observable 10–15% dip in EV prices in Costa Rica. Brands that haven’t yet adjusted might soon find themselves compelled to do so or risk losing significant market share.
Costa Rica’s Shift to EV Dominance
With EVs and ICE vehicles nearing price parity in Costa Rica, repeated price cuts could soon tilt the balance in favor of EVs. Once that shift is complete, it’s exciting to speculate how quickly Costa Rica could boast a 90% EV market share. As history shows us, change might seem sluggish, but when momentum builds, it’s swift and unstoppable.
