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The Crisis In The Electric Vehicle Market Is Already Affecting Even Rental Companies And Even Companies Like Localiza And Movida Are Rethinking Their Acquisitions
Rental companies, which traditionally account for a significant portion of automakers’ car sales, are scaling back on the purchase of electric cars. With 4,300 electric vehicles and 6,800 hybrids in their fleets, the numbers, while substantial, represent less than 1% of the total vehicles, according to Paulo Miguel Junior, vice president of the Brazilian Association of Car Rental Companies (Abla), according to the website Seu Dinheiro.
The giant Localiza, for example, ended 2023 with only 2,700 electric and hybrid vehicles in a fleet of over 631,000 vehicles. The accelerated depreciation of these models has led rental companies to rethink their acquisitions, with many cars being resold at prices far below expectations, recording depreciations ranging from 40% to 45%.
Depreciation And Impact Of Chinese Brands
The depreciation of electric cars previously purchased by rental companies is largely attributed to the entry of Chinese brands in the market, such as BYD and GWM, which have offered vehicles with more advanced technologies at more competitive prices. This forced traditional automakers to reduce their prices, impacting those who had acquired the more expensive models.
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Movida, one of the pioneers in purchasing electric cars, acquired around 600 units of models such as Nissan Leaf, Renault Zoe, Fiat 500e, and BMW i3 starting in 2021. However, in less than two years, a large part of this fleet became stagnant in the yards, awaiting buyers. Many of these vehicles were sold at discounts of up to 40% compared to the Fipe table.
This situation led Movida to suspend the purchase of a batch of 250 BYD Tan, planned for 2022. Although the company has not commented officially, the suspension illustrates the caution of rental companies in continuing to invest in electrification.
Global Unfavorable Scenario: Tesla Also Suffers In The USA
The scenario is even worse outside Brazil. Hertz, one of the largest car rental companies in the United States, abandoned its plan to acquire 100,000 vehicles from Tesla in 2023, citing the rapid depreciation of used cars as the main reason for the decision.
Despite this, the president of Fenauto, Enilson Sales, highlights that the sales of electrified vehicles (hybrids and electric) increased by 90% in Brazil between January and July, totaling 33,000 units. However, he warns that despite this growth, the market is still a niche, and the sales pace cannot be compared to that of combustion vehicles, which sold 9% more in the same period, with a total of 8.8 million units sold.
Consumers Suffer In Resale
Consumers have also faced difficulties in reselling their electric vehicles. Maurício de Barros, a businessman from São Paulo, decided to sell his Peugeot e-208 after two and a half years of use and 54,000 km driven. Bought for R$ 249,000, he received no offers on sales platforms for four months and eventually, gave the car to a dealership for only R$ 100,000, to trade for another electric vehicle.
Barros, who considers the experience a “blow,” acknowledges that he paid the price for being one of the first to adopt a 100% electric car. Even so, he chose to continue investing in electrified vehicles, acquiring a BYD Yuan Plus, which offers greater autonomy and more technology for a more affordable price, thanks to a discount offered by the brand.
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