(JW Insights) Feb 27 -- Chinese manufacturers and exporters of electric vehicles, including motorbikes, bicycles and even scooters, have made a strong showing at the 2023 Panama E-Mobility Expo, underscoring their interest in promoting electric vehicles here, reported China Daily on February 27.
Designed to spur the sector's development, the expo, running from Feb 25 to 26 in Panama's capital, also drew companies from Germany, Colombia, the United States, Britain, South Korea and Panama.
Electric vehicles are poised to see a booming growth this year in the Central American country, thanks to a new Electric Mobility Law enacted in April last year by Panamanian President Laurentino Cortizo, which took effect this year to encourage government agencies and companies to make the move from fossil fuel-burning vehicles to electric ones, said German Mendez, commercial manager in Panama of Chinese electric carmaker BYD.
BYD expects its market share to grow 40 percent to 50 percent in 2023, after expanding its business over the last two years, Mendez said.
Moises Soto, commercial manager in Panama of Chinese carmaker Geely Auto, said that the new law has given the electric vehicle sector a notable boost.
Geely is set to launch a seven-passenger light-hybrid vehicle next week, and in June it will present its first 100-percent electric car in Panama, said the manager.
Meanwhile, Diego Castillero, manager in Panama of NIU Technologies which specializes in urban micromobility electric vehicles, highlighted the great business opportunity that exists in the transition to electric vehicles, said China Daily.
China has extensive experience in manufacturing electric vehicles, which is why Chinese vehicles are currently more welcomed, said Welmar Diaz, the representative of Colombian energy company Celsia, a leader in Central America in installing EV charging stations.
The new law, together with a more competitive market, will speed up the adoption of electric vehicles, according to Luis Felipe Gomez, commercial manager of the Green Energy division at battery-maker Casa de las Baterias, reported China Daily.
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