Macao is playing a positive role in facilitating the entry of Chinese electric vehicle makers into Portuguese-speaking countries, global accountancy firm Deloitte said in a recent report.
The report, released on May 23 at the BEYOND EXPO 2024, reflected the growing presence of Chinese cars in global markets and the strategic role of Macao in enabling these moves. GAC’s EV unit Aion also showcased its latest offerings during this year’s expo, as its state-owned parent company, which is also a manufacturing partner of Toyota and Honda in China, sets its sights on global expansion and targets vehicle sales of 1.1 million units of its own brands this year.
Macao could harness the abundant talents with language expertise and knowledge of law from Portuguese-speaking countries to facilitate Chinese new energy vehicle (NEV) manufacturers’ entry into these markets, Deloitte wrote in the Chinese language report. “The city could also leverage its mature exhibition facilities and experience […] to provide a platform for cooperation and exchange between China’s NEV industry and overseas markets,” said Norman Sze, vice chair of Deloitte China in a press release (our translation).
The comments come as Chinese EV giant BYD is rushing to produce EVs locally in Brazil, the largest economy in Latin America and a major Portuguese-speaking nation, with operations of its $600 million industrial complex expected to begin in the middle of this year. Rival Great Wall Motor also reportedly started operations of its Iracemapolis plant in the country this month, while Chery, one of China’s largest automobile exporters, opened its first overseas factory in Jacarei in Sao Paulo back in 2014, reported China Daily.
Deloitte forecast that Latin America, which accounts for 6% of total car sales worldwide, could reach sales of roughly 7.2 million passenger cars in 2030 with a solid growth rate of 5% year-on-year through the end of the decade. Meanwhile, around 5% of total car sales could be electric in the region in 2025, up from the current 2%, thanks to stimulus measures from major countries and a growing base of middle-class consumers, according to the consultancy firm.
Held between May 22-25 in Macao, this year’s BEYOND EXPO had a theme focused on Latin America for the first time, as the Chinese Special Administrative Region has historically had close and extensive relations with Portuguese-speaking countries. The Asian tech event hopes to become a bridge for communication between Chinese enterprises and South American markets, according to co-founder Jason Ho.