Introduction to the Electric Vehicle Landscape in Mexico
In Mexico, 51% of electric vehicle (EV) owners acquired their enchufable or hybrid chargeable car through some form of financing, highlighting the pressing need for a more diverse range of financial sources to promote electric mobility in the country, according to the Electro Movilidad Asociación (EMA).
Current Financing Situation for Electric Vehicles
Currently, 60% of all vehicle sales in Mexico are conducted through self-financing, as reported by the Mexican Association of Automobile Distributors. To match this figure for electric and hybrid vehicles, EMA believes it’s crucial to expand financing options.
Global Trends in Electric Vehicle Financing
As electric mobility gains traction worldwide, the proportion of vehicles purchased through financing increases. EMA’s president, Eugenio Grandio, explains that buying an electric vehicle is as natural an investment as any other form of transportation.
EMA’s National Survey on Electric Vehicle Owners
The EMA conducted the first national survey among electric vehicle owners in Mexico, gathering insights from 1,232 EV owners (1% of the total) to help achieve their goals in electric mobility.
Electric Vehicle Sales Projections and Current Market
EMA projects around 130,000 new electric vehicles for 2025, starting from 99,000 sold last year. Currently, there are 94 distinct models available in the Mexican market, making the prediction feasible despite geopolitical complexities with Donald Trump, potential tariffs, and low economic growth forecasted for the year.
Ambitious Goals for Electric Vehicle Adoption
EMA aims to reach 50% electric vehicle sales by 2030 and 100% by 2035. Though this goal seems ambitious given the current 5% market share in 2024, progress in developing countries like Costa Rica (which reached 20% last year) suggests it could be achievable if environmental protection and economic rationality align for all sector actors.
Key Findings from the Survey
- Recent Adoption: 88% of respondents purchased their electric or hybrid connectable vehicle within the last year, indicating a nascent technology with significant growth potential.
- High Satisfaction: 93% of current electric vehicle owners in Mexico express complete satisfaction with their purchase, a notably high rate.
- Future Intentions: 55% of the surveyed group stated they would not return to traditional vehicles if changing cars, preferring another electric vehicle instead.
Challenges Facing Electric Vehicle Adoption
Among the survey’s key findings, 45% of respondents cited insufficient charging stations and limited vehicle autonomy (around 500 km for the most advanced models) as reasons for anxiety regarding charging options and potential stranding without access to a suitable charging point.
