Argentina lifts tariffs on low-cost EVs and hybrids, cuts some auto taxes

Argentina next week will lift import tariffs on some low-cost electric and hybrid vehicles, while cutting taxes on higher-priced cars and motorcycles, the nation's economy minister said on Tuesday.

Up to 50,000 imports of low-cost EVs and hybrids will be exempt from tariffs a year, Economy Minister Luis Caputo announced on X.

Meanwhile cars on the local market worth between 41 million pesos ($39,047) to 75 million pesos ($71,428) will be sold tax-free, while cars worth above 75 million pesos will have taxes cut to 18% from 35%, Caputo said.

Sales of motorcycles worth between 15 million pesos and 23 million pesos will also be tax-free, Caputo announced.

($1 = 1,050.0000 Argentine pesos)