PETER CHRISTOPHER
For the past few years, local dealers promoting the sale of electric vehicles (EVs) have touted the cost-effectiveness of switching to such vehicles.
Dealers usually pointed to cheaper maintenance costs, as well as money saved at the pump.
However, the statistics show that people who were willing to make the switch in Trinidad and Tobago’s new car dealerships tended to be those with more disposable cash.
According to data collected for new car dealer sales for 2024 and 2025, 52 new EVs purchased in 2024, while there was almost a 50 per cent increase in sales last year, with 75 EVs leaving showrooms around Trinidad and Tobago in 2025.
However, the vast majority of these vehicles cost over $500,000.
Of the 52 EVs sold in 2024, 16 cost over a million dollars while five cost between $750,000 and $1 million, with a further nine costing over $500,000. That accounted for 30 of the 52 EVs purchased in 2024, or about 58 per cent of the sales recorded, in the statistics provided to the Business Guardian.
There were 40 EVs sold, which cost its purchaser over $500,000 in 2025, with 17 of those vehicles crossing $1 million or more, eight EVs which cost between $750,000 and a million with an addition 15 EV buyers paying between $500,000 and $750,000 to secure a fully electric vehicle.
Vehicles costing more than $500,000 were not surprisingly luxury brands with Jaguar, Mercedes Benz, Porsche, Volvo and Audi filling all but one entry in that price range on the list. Chinese brand BYD was the only exception to this rule, as according to the statistics, a leather interior BYD Seal set back it’s buyer at least $500,000.
Still, 40 out of 75 EVs sold in 2025, or 53 per cent of the vehicles sold at new car dealers, could be considered luxury vehicles.
This perception that EV meant luxury was alluded to by Evolve Mobility General Manager Vinda Barran last week at the T&T Energy Conference.
“That’s the reason we started this business to really ensure that you can afford the luxury but not paying a luxurious price,” said Barran while seated in a GAC Axion V which was on display at the Hyatt Regency during the conference.
The Axion V is being sold for $295,000 by the company, which started operations in December, with Barran explicitly stating that it would be selling EVs in a price range from $189,000 to $500,000.
In last year’s budget presentation, the Government introduced new duties on high-end EVs (over $400,000 CIF), adding 10 per cent Customs Duty, 12.5 per cent VAT, and a tiered Motor Vehicle Tax. This took effect on January 1, 2026, with the Government maintaining full exemptions for lower-priced EVs, new or used, under two years old, CIF under $400,000.
However, the tendency for luxury EVs to outsell more cost-effective options is not necessarily due to limited availability in the country.
Barran admitted that part of Evolve’s strategy involved debunking myths which surrounded EVs in Trinidad and Tobago.
“The feedback has been more or less the same questions you have been asking. You know, how would we service? What can the vehicles do for me? Why should I switch from gas to EV, you know? And that’s why, when we have customers who want to meet with us, we book a hour session for each customer,” said Barran, “So we ask our customers, you know, contact us on WhatsApp, send us a message. We book you in for that hour so that we can really spend time with our customers to find the vehicle that suits them the best and give them advice and coach them as to how to maintain their EV, why they should purchase an EV, and answer any questions they may have.”
Barran also noted that there was similar skepticism about hybrid vehicles when they were first introduced a decade ago, and it took time for the wider public to be comfortable with the adoption of those vehicles.
The figures also suggest that there is growing acceptance in the new EV segment as well.
According to the new car sales statistics, 14 new EVs sold in 2025 cost between $200,000 to $300,000, almost 20 per cent of the EV sales recorded in the year. This marked an improvement of 10 vehicles sold over the four EVs sold within that price range in 2024.
In the range between $300,000 and $400,000, 15 cars were sold, which accounted for exactly 20 per cent of last years EV sales, according to the data provided. Notably, 15 EVs were also sold in the price range in 2024.
Last year, also recorded a solitary statistic of a fully electric vehicle which cost under $200,000.
Not surprisingly, the statistics show that LaFast Motors, one of the earliest showrooms to transition to EVs in T&T, was the most successful in sales of such vehicles over the past two years.
The company sold 44 EVs over the past two years, according to the statistics provided, with 23 EVs sold in 2025 and 21 EVs sold in 2024. Massy Motors emerged as the next most successful in terms of EV sales with 33 sales over the two year period with 22 EVs sold in 2025, doubling its 11 sold in 2024.
Massy’s surge was partially driven by its competitively priced MG models (price range $200,000 to $300,000) which sold nine of the 22 EVs the car company sold in 2025. Notably, the Volvo EX 30 was another sub $300,000 EV which was sold by Massy Motors in 2025.
Southern Sales also saw a massive jump in EV sales in 2025 compared to 2024 with 11 EVs sold compared to the solitary unit purchased from the company the year prior. The company was also responsible for the sole sub-$200,000 sale recorded in 2025 in the statistics.
IN BOX:
2025 EV SALES
17 EV sales in 2025 had a price of $1m or more
8 EV sales in 2025 had a price of $750K to 1m
15 EV sales in 2025 have a price of $500K or more
5 EVs were between 400K to 500K
15 EVs were between 300k to 400K
14 EVs were between 200K to 300K
1 EV cost under 200K
2024 EV SALES
16 EVS in 2024 cost more than $1m
4 cost between $200K to 300K
15 cost between 300K and 400K
3 cost between 400k and 500k
9 cost between 500k and 750k
5 cost between 750K and 1m
