Panama is aiming to make a difference on electric mobility, by introducing a project to raise and regulate the minimum number of electric vehicles.
A preliminary law is under review by the Government of Panama to encourages electric mobility in ground transportation. The ultimate purposes of this public policy is the reduction of greenhouse gas emissions, the promotion and growth of electric mobility in the Republic of Panama, and the use of renewable energy as an energy transition tool in ground transport systems.
This preliminary draft sets as targets for 2030 the following:
• 25% reduction in greenhouse gas emissions in the energy sector
• 30% of authorized electric bus concession fleets
• 50% of the public sector bus fleet will be electric.
• 40% of vehicle sales in Panama will be electric.
• 20% of private-sector vehicle fleets will be electric
According to the National Electric Mobility Strategy, the hybrid and electric vehicles market participation is below 1% in 2021. Current brands with 100% electric vehicles present in Panama are BYD, BMW and Tesla, who just joined the country on 2019 with no formal representation. From a total sale of 48,000 vehicles on 2019, and 1,221,999 registered vehicles operating in Panama, there is an interesting opportunity for US Companies to join the game and compete in Panama’s market.
If you are interested in being up to date on electric mobility information in Panama, contact your USEAC business specialist or contact Kenneth Delvalle, commercial assistant in Panama at Kenneth.Delvalle@trade.gov