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

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 per cent from 35 per cent, Caputo said.

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