Sunday 10 December 2023

Arrival of Geometry E triggers a price war in Costa Rica

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QCOSTARICA (Clean Technica) Cheap EVs are finally arriving on Latin American shores: Costa Rica’s Geometry E is triggering large price reductions.

Geely Geometry E photographed in Zhuhai, Guangdong province, China. Image Wikimedia Commons

For a few months, Clean Technica’s Juan Diego Celemín Mojica has been emphasizing that the prices of electric vehicles in Latin America are too high and must be reduced soon.

“We have seen the results of a brand providing a more affordable price in Brazil, where the BYD Dolphin was sold for US$31,000 even though there are high tariffs. Despite the price cut, the tariffs still make the vehicles overpriced.

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“However, this is not the case with Costa Rica, a country that has zero tariffs and very low taxes for EVs. Now, as we saw before, this does not mean EVs are cheap: they still remain quite expensive. But it does mean that once a player decides to go all-in, things can change pretty fast, writes Mojica.

Enter the Geometry E.

This vehicle arrived in Costa Rica in late July.  A crossover with a 39 kWh battery, with a 380 km NEDC, though neither EPA nor WLTP range estimates are presented.

Like most cheap EVs, this vehicle only supports 50 kW fast-charging and has a relatively low-powered 60 kW motor … but it will still reliably take you from point A to point B. Not everyone needs a sports car.

However, the truly important thing here is cost: the Geometry E arrives in Costa Rica at a price tag of only US$22,900, which is quite close to equivalent ICE vehicles. Two months ago, this was the price of the cheapest EVs in Costa Rica, but these vehicles did not offer as much value — EVs at this price needed to offer more value or else be relegated to the dustbin of car history.

Moreover, Geely has reduced prices in more vehicles of its lineup, so further price reductions are expected in more segments of the market.

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For now, some vehicles that have reduced pricing are the following:

Due to the arrival of the Geometry E, overall EV pricing seems to have been reduced around 10–15% in Costa Rica. Even if some brands have not reduced pricing yet, it is expected do so in the months to come or rapidly lose market share to those who have.

Costa Rica is closing in on price parity with the ICE vehicle market. Take this sudden price reduction, rinse and repeat a couple of times, and we’re already there. Once that happens,  how long the country will take to arrive at 90% market share?

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“You guys know how these things go. Change is slow — until suddenly, it isn’t,” writes Mojica.


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