Argentina Readies For Electric Vehicle Boom
Argentina has made the important first step in allowing easier access to the purchase of an electrified vehicle, lowering the import duties for electric and hybrid cars from 35%, down to 0-5%.
With that said, it doesn’t cover all EVs.
The tax break is only eligible for models which have manufacturing plants in the country; so the likes of Ford, General Motors, Nissan, Renault, Toyota, Volkswagen (and a few more).
“Effective May 12, importers can bring into Argentina electric, hybrid and hydrogen-fuel-cell cars weighing 881 lbs. (400 kg) or more and light-commercial vehicles of 1,210 lbs. (550 kg) kilograms or more at duties of 0% to 5%, down from 35% previously, according to a decree from President Mauricio Macri.”
Some 6,000 cars over three years to be imported at a favorable rate.
Separately, a deep fast charging infrastructure project was recently launched with goal of 220 DC chargers at 110 YPF stations – so, these new EVs will not be lacking in a place to find a public boost.
According to analysts, the large middle class in Argentina has great potential to spur EV sales growth, but there will still need to be additional tax incentives to really get things going.