In Panama Chinese Car Sales will Continue to Grow Until at Least 2030

The purchase of Chinese cars in the country has seen a considerable increase. Automotive market experts highlight that more and more Panamanians are leaning towards these vehicles due to their technological facilities, space, aesthetics and economic profitability, characteristics that other cars do not have. Therefore, they consider it a trend that is here to stay and will continue to grow exponentially towards 2030.  Katherine Martínez, a specialist for the Chinese brand Omoda, mentioned that the doubts some drivers had about this type of car have gradually dissipated thanks to its advantages, which are far superior to other products currently on the market. 

“It’s a fairly new experience in the market, and customer acceptance has been difficult, but let’s be honest: the advantages of a Chinese car aren’t found in a traditional one. This is what will be aggressively offered in the very near future,” he commented in an interview with Panama news media.  He mentioned that the most frequent questions from customers center on resale and spare parts because they are concerned about having to invest resources in transporting parts from China to Panama, but this is no longer a problem; the domestic market has sufficient reserves to meet demand. There are even companies that distribute spare parts to other countries in the region and parts of South America. 

Luis Batista, sales advisor for JAC Motors, agrees with Martínez that Chinese cars have revolutionized the market, especially due to their cost-benefit ratio, technological advances, and passenger capacity.  He explained that the company he works for sells between 40 and 50 vehicles per month, starting at $16,990.  “At first, acceptance was a bit difficult, but little by little it has improved because we have brand support and all the necessary spare parts for each model in our lineup,” he said.  The Panamanian Automobile Dealers Association (ADAP) aims to sell nearly 7,000 units during the month of October, consolidating its 8% growth compared to 2024. 

Fernando Tristán, president of ADAP, indicated that despite the country’s economic situation, the automotive industry has maintained its numbers thanks to the support of banks and credit institutions that offer customers various payment options.  “Consumer credit conditions are much more attractive than they were a few years ago. You see extended terms, very low rates, and very competitive down payments. That’s the main driver for the industry to be growing at the pace it’s going,” he said.  He added that Panamanian consumers are very smart because they not only look for cars that look good aesthetically, but also those that are affordable, have high safety standards, and are full of “good looks.” 

Data from the Superintendency of Banks of Panama (SBP) reveals that, through August, the national banking system approved $2,163,099 in loans for automobile purchases.  These figures contrast with the 38,111 new vehicles registered with the National Institute of Statistics and Census (INEC), of which 20,917 are SUVs; 7,321 are regular vehicles; 5,311 are pickup trucks; 1,540 are luxury vehicles; 1,300 are trucks; 711 are panel vehicles; 586 are minivans; and 425 are buses. 

7,000 Sales estimate for the month of October from the Panamanian Automobile Dealers Association.  21% of the Panamanian market currently corresponds to cars of Chinese brands.